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“Queen’s Wharf became a drain because, as a 50 per cent joint venture, Star was on the hook for huge capital contributions and a big chunk of the project’s $1.4 billion debt,” Graeme Hughes from Griffith University’s business school said. Shortly after work began, Star’s share price opened at just over $5 — a record high. In all, the casino, four hotels, retail venues and restaurant spaces would cost an estimated $3.6 billion — Queensland’s biggest ever infrastructure project. Get the most out of your news with The Nightly app.
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Experts say the distressed company is likely to enter voluntary administration as its attempts to secure a financial lifeline go down to the wire. The deal falling over would leave Star saddled with those costs, as it attempts to turn its business around with the backing of Bally’s. Star first entered the deal with its the Hong Kong investors in early March, after months of warnings about its financial future — and prior to the bigger deal struck with Bally’s and the Mathiesons. Embattled casino operator Star Entertainment is facing a fresh blow, with a deal to exit a major Brisbane development on the brink of collapse.
The casino group was working to secure a refinancing arrangement with Salter Brothers Capital, which has now been withdrawn. Star Entertainment is once again on the brink of collapse, after a rescue deal fell through. This Service provides only general, and not personalised financial advice, and has not taken your personal circumstances into account. Sign Up for Take StockInvestment news, stock ideas, and more, straight to your inbox.
Beleaguered casino group Star Entertainment has barely enough cash to last until Friday and could be under administration as early as Wednesday. The struggling casino operator candy96.fun was suspended from trade on the ASX on Monday. Star Entertainment could enter administration on Wednesday with the company set to run out of cash by the end of the week.
According to separate reporting from The Aus, Star also needs to secure another $1.6 billion to refinance its Queen’s Wharf facility in Brisbane. This includes a $100 million lifeline from its bank, and another $150 million debt facility through broker UBS. Star is also racing to secure additional funds to maintain its business as a going concern.
Putting its share on hold last week, Star repeated a warning made early in February that without a rescue deal to pull in cash it may not be able to continue as a viable business. Cash-strapped Star Entertainment is set to offload its Brisbane casino in an 11th-hour deal that could rescue it from financial collapse. It is Australia’s second-largest casino, offering a vast array of gaming options, including poker, blackjack, and roulette, along with electronic gaming machines.