Casino operator gains breathing room with covenant waiver as it faces US$297m debt and looming AUSTRAC fine.
Australia.- Star Entertainment Group has secured a loan covenant waiver, providing temporary relief amid ongoing financial challenges. The waiver allows Star to delay repayment obligations and pursue additional funding to stabilise its operations.
The company, which reported a AU$471.5m (US$311m) loss for the 2025 financial year, has been under pressure amid declining revenues, regulatory scrutiny and a drop in market share. Full-year revenue fell 29 per cent to AU$1.19bn (US$786m), driven by factors such as mandatory carded play and cash limits in Sydney. Despite cost-cutting measures saving AU$100m (US$66m) and asset sales generating approximately AU$298m (US$196m), net liabilities stand at AU$426.3m (US$281m), exceeding total assets of AU$341.4m.
The waiver follows concessions from lenders, including Australia’s Soul Patts, Macquarie, Perpetual, and Deutsche Bank. These have waived covenants, with the latest extension granting Star until February 2026 to refinance its loans.
Star’s financial difficulties are compounded by an upcoming penalty from AUSTRAC, potentially exceeding AU$400m (US$264m), for breaches of anti-money laundering and counter-terrorism laws. The company has warned that a fine of this magnitude could threaten its viability. Meanwhile, an AU$300m (US$198m) capital injection from the Mathieson family and Bally’s remains pending probity approvals.
Casino operator gains breathing room with covenant waiver as it faces US$297m debt and looming AUSTRAC fine. Australia.- Star Entertainment Group has secured a loan covenant waiver, providing temporary relief…
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