Star’s let-off in Sydney last week doesn’t change one harsh fact: it is still running out of money and the next year remains a brutal one.
Embattled casino operator Star Entertainment Group is bracing for the release of its annual report with an update from the board on howStar Entertainment’s board, and its auditors, must sign off on the accounts and determine whether the company is a going concern by October 30: This means the company, in their opinion, would be able to pay its liabilities as they fall due over the next year.
Macquarie Research has allowed for an Austrac fine of $350 million with payments phased over three years, mirroring a similar instalment deal that the regulator agreed to with casino rival Crown last year. It is not the only hurdle for the group, which finally received fresh debt funding last month but with harsh conditions attached.The interest rate on the loans was set at an onerous 13.5 per cent. The two $100 million tranches are also secured over company assets. The second tranche is conditional on Star raising $150 million from investors this year.
The NSW Independent Casino Commission handed Star a $15 million fine and extended its licence suspension into next year. Chairman Philip Crawford said there was “no coming back if you take the licence away”.Privately owned Crown Resorts released its financial results on Friday evening, with losses that reflect the financial challenges that Star is facing.
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