EconomyLens.com
No Result
View All Result
Thursday, August 28, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Business

Australian casino firm strikes deal to avoid liquidity crunch

Thomas Barnes by Thomas Barnes
March 7, 2025
in Business
Reading Time: 4 mins read
A A
1
99
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter

Troubled Australian casino operator Star Entertainment says it is trying to sell its stake in a major resort to raise desperately needed cash. ©AFP

Sydney (AFP) – Australian casino operator Star Entertainment said Friday it has reached an agreement to sell its stake in a major resort in return for a cash lifeline to stay afloat. Shares in the group, which employs more than 8,000 people, have been suspended from trading since March 3 after it failed to post half-year financial results citing liquidity woes. Star’s business — including casinos, bars, restaurants, and hotels at resorts in Sydney, Brisbane, and the Gold Coast — has been hovering close to entering administration.

Related

Qantas says profits up, strong travel demand ahead

Defence giant Rheinmetall opens mega-plant as Europe rearms

Qantas says profits up, strong travel demand ahead

AI giant Nvidia shares slip despite record sales

Norway wealth fund divests from Caterpillar over Gaza ‘rights violations’

The firm said Friday evening it had reached a binding heads of agreement with two Hong Kong-based joint venture partners — Chow Tai Fook and Far East Consortium — to get much-needed liquidity. Under the deal, Star will relinquish its 50-percent stake in the Brisbane casino resort to its partners while gaining full ownership of the Gold Coast operations, it said in a statement to the Australian Securities Exchange.

The deal provided the troubled group with an upfront cash payment of Aus$53 million (US$33 million), with Aus$35 million of that already received Friday. “The Star intends to use these proceeds for short-term liquidity purposes as it seeks to implement other liquidity initiatives,” the company said. The agreement was subject to various conditions, including gaining regulatory approval.

Star said it had separately signed a financing commitment for a bridge facility of Aus$250 million with investment firm King Street Capital, and it was also negotiating a larger debt refinancing proposal with a potential lender. The casino firm last traded at Aus$0.11 a share with a market capitalisation of Aus$316 million — a far cry from its Aus$5 billion-plus value of seven years ago. Its finances were squeezed by the cost of developing the Brisbane resort, the threat of an anti-money laundering fine, and stricter regulation in the industry, according to the Australian Financial Review.

The company has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business.

© 2024 AFP

Tags: bankruptcyentertainmentfinance
Share40Tweet25Share7Pin9Send
Previous Post

Thousands stranded as massive WWII bomb blocks Paris train station

Next Post

US hiring misses expectations in February as jobs market faces pressure

Thomas Barnes

Thomas Barnes

Related Posts

Business

US restaurant chain Cracker Barrel cracks, revives old logo

August 26, 2025
Business

Trump joins backlash against US restaurant Cracker Barrel

August 26, 2025
Business

Norway wealth fund divests from Caterpillar over Gaza ‘rights violations’

August 25, 2025
Business

Trump advisor says US may take stakes in other firms after Intel

August 26, 2025
Business

Embattled Bordeaux winemakers see Trump’s tariffs as latest blow

August 25, 2025
Business

Australia orders audit of crypto trading giant Binance

August 24, 2025
Next Post

US hiring misses expectations in February as jobs market faces pressure

Trump tariffs: What's been done and what is to come?

US stock markets rise as investors track Trump tariffs, jobs

Tears, ruined plans as WWII bomb halts Paris-London trains

3 1 vote
Article Rating
Subscribe
Notify of
guest
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

77

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

US stocks reach new peaks as investors digest US GDP

August 28, 2025

Brazil police target network that siphoned billions from fuel sector

August 28, 2025

Luxury carmaker Lotus to slash UK jobs amid US tariffs

August 28, 2025

Small parcels in limbo as Trump moves to end US tariff exemption

August 28, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.