Star Entertainment Group has revealed it is reviewing its financial and liquidity position with advisers following a delay in publishing its full-year results for the year ended 30 June 2024.
The operator was last week suspended from trading by the Australian Securities Exchange (ASX) for missing its results publication deadline. Star had been required to release the full-year figures by 31 August.
Star is working to finalise its preliminary financial report, although a publication date is not yet set.
The operator is working with advisers to review its position, considering adverse trading and other conditions. This includes discussions with various stakeholders over the matter.
“Star will provide a further update in respect of its financial and liquidity position in conjunction with the release of its FY24 preliminary financial report,” Star said in a statement to the ASX this morning (5 September).
“Upon release of the FY24 preliminary financial report, our shares would resume trading in accordance with the ASX Listing Rules.”
Concerns over impact of Bell 2 report on Star
The statement comes amid media reports of how Star is responding to Adam Bell SC’s latest damning report. Published on 30 August, the same day Star requested a trading halt on ASX, the report covers operations at Star.
The NSW Independent Casino Commission (NICC), which published the report, said findings “validated the concerns that prompted the second inquiry”. Star was deemed unfit to hold its NSW licence by the first Bell inquiry in 2022.
Some improvements were noted in Bell 2, including more transparency and cooperation. However, the NICC said concerns remain and is contemplating Bell’s findings, including four compliance breaches.
Earlier this week, the Australian Financial Review suggested Star is mulling a major write-down of casino assets and cost-cutting programme. This, the reports suggest, would help it trade through the next six months and retain its casino licence in Sydney. However lenders are wary of putting in more money to the struggling business, the AFR suggested yesterday (4 September).
Such a move would raise a reported AU$1.40bn (£715.7m/€849.4m/US$941.3m). Star is yet to confirm or deny these reports.
Source : IGamingBusiness