The company said it is exploring possible liquidity solutions that could improve its position.
Australia.- The Star Entertainment Group has announced a trading halt due to speculation about its finances. The casino operator said it is exploring potential solutions that could enhance its liquidity position and anticipated that one or more proposals may be received today (February 28).
The company reported that it expects to publish its financial results for the second half of 2024 today but will only do so if it has received proposals and reached a point where it can determine the company’s ability to continue as a going concern. If the report is not filed today as mandated by ASX Listing Rules, its shares will face automatic suspension from trading as of Monday, March 3 until the report is submitted and the ASX approves the reinstatement of the company’s shares.
Earlier this month, The Star received an AU$650m (US$413.3m) five-year debt financing proposal from funds associated with Oaktree Capital Management. Previous to that, on February 10, the company rejected confidential non-binding offers from Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC) for its 50 per cent stake in Destination Brisbane, which owns The Star Brisbane integrated resort. The board concluded that none of the proposals provided sufficient value.
For Q2, the star posted revenue of AU$299m (US$185.4m), down 15 per cent sequentially. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were negative AU$8m (US$5m) compared to AU$18m (US$11.84m) in the previous quarter.
The Star Sydney revenue was AU$176m (US$109.1m), down 6 per cent sequentially and 23 per cent in year-on-year terms. EBITDA was negative AU$4m (US$2.5m) compared to negative AU$21m (US$13m) in the first quarter. The Star Gold Coast revenue was AU$111m (US$68.8m), down 7 per cent year-on-year but up 3 per cent compared to the previous quarter. EBITDA was positive at AU$11m (US$6.8m) but down 48 per cent yearly.
The company said it is exploring possible liquidity solutions that could improve its position. Australia.- The Star Entertainment Group has announced a trading halt due to speculation about its finances….
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