Star Entertainment declines waiver terms proposed by lenders

The casino group says the terms proposed for covenant waivers are unacceptable.

Australia.- The Star Entertainment Group has issued a statement clarifying its position regarding lender negotiations and financial reporting obligations following the publication of an article in the Australian Financial Review. The casino operator acknowledged that it remains engaged in discussions amid reports that lenders had expressed reluctance to grant waivers that would allow Star to breach conditions tied to a AU$430m loan.

The Star said waiver terms proposed by lenders were not acceptable to the board and do not align with its financial and operational objectives. It confirmed that it will submit unaudited accounts for the financial year ended June 30, 2025 on Friday August 29, with audited accounts targeted for release by September 30, 2025.

“In its half year results announcement to the ASX on April 15, 2025, the company noted that it continued to rely on the support of its lenders under the Senior Facility Agreement (SFA) including in respect of likely covenant waivers post June 30, 2025. Accordingly, The Star has been, and continues to be, in discussions with the SFA lender group in respect of potential covenant waivers for  September 30 and December 31, 2025,” the group said. 

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The casino group says the terms proposed for covenant waivers are unacceptable. Australia.- The Star Entertainment Group has issued a statement clarifying its position regarding lender negotiations and financial reporting…