The Star ASX: SGR results: Casino in trading halt, board unsure of survival > 클락투어 이모저모

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Star’s lawyers told the Federal Court last month that a fine of more than $100 million could trigger the group’s financial collapse. "The Star is continuing to engage with the joint venture partners and will provide an update if there are any material developments regarding the parties’ respective interests," it said. Star offered a glimmer of hope when it indicated that negotiations were continuing even though its joint venture partners had declined to extend the deal deadline to next week. The deal will give the company breathing room to find the funding needed to survive a massive cash crunch after Star lost the support of both its investors and lenders. The Far East Consortium said on Friday that it and Chow Tai Fook Enterprises will now take full control of the facility after paying $53 million for Star’s 50 per cent share. Star will also receive $5 million a month to run the casino, rising to $6 million a month as of next year. The group has been on the brink of collapse for months but staved off administrators by offloading its 50 per cent stake in a new Brisbane precinct and a $250 million short-term bridging loan.
New rules that would have restricted patrons to gambling $1000 in cash per day will not be introduced for another two years after lobbying from crypto casino review giants. This came as bad news with Star’s performance historically lagging behind Crown Lucky Elf casino support resources in Melbourne, with both revenue and earnings falling short of its competitor. This long history of underperformance continues despite Sydney being the country’s largest city and international gateway to Australia. "In the absence of one or more of those arrangements, there remains material uncertainty as to the group's ability to continue as a going concern." In an update to the stock exchange this morning, Star reported a loss for the second quarter — although not as bad a loss as the previous period, as it managed to cut costs. Earlier this week, Star published its quarterly report, which precedes audited financial accounts due next month.
However, the proposal was laced with conditions, including the approval of NSW and Queensland governments and regulators, and a satisfactory settlement with existing lenders. The success of any deal is dependent on its lenders, who need to agree to any asset sale or refinance of their debt which is paying interest of more than 13 per cent. Star subsequently lied to CUP and the National Australia Bank in an effort to conceal the deceit.
The fact that it hasn’t suggests the board and its advisers are engaged in the same hunting expedition as everyone else – attempting to dig out details on this new mysterious investor who is now Star’s second-largest shareholder. In an update posted to the ASX on Monday night, Star has confirmed it has agreed to a $300 million rescue package with American Tattersalls hotel casino play free and gaming group, Bally's. Star — which owns casinos in Brisbane, the Gold Coast and Reef hotel golf courses Sydney and employs more than 9,000 people — has warned for months it could fall into administration if a financier was not found.
E-Commerce Resources has a market capitalisation of $560 million, which puts the value of Wang’s stake at around $280 million. His private company, Winsway Resources, is registered in the British Virgin Islands. Rather than an attempted rescue, it looks like a $35 million punt from a guy from Macau who probably doesn’t have any inside running on whether this Circus Casino Live Horse Racing group will survive. The sovereign wealth fund has warned of a disconnect between executive pay and the performance of many ASX companies.
Before signing the accounts, a board of directors must be satisfied that the company is a "going concern" – that it can pay its debts when they fall due. We’ve obviously been working with them over a period of time on a range of issues, including the importance of the employment that is there, and will continue to do so," she said. Bruce Mathieson, who operates poker machine and pub empire Australian Liquor and Hospitality with Woolworths, holds about a 10 per cent share in Star and has been interested in buying the Gold Coast BlackCoin casino loyalty points. It's been facing serious operational challenges, burning through $107 million in three months and reporting an available cash balance of $79 million to the ASX in January. McCann, for years the chief executive of property group Lend Lease, knows a thing or two about gambling. In recent months, a series of senior executives appointed by Blackstone have parted ways with Crown including boss Ciaran Carruthers and his offsider Justin Casey.