The Star Entertainment Group ASX:SGR Stock Price & Overview

Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is backing a last-minute rescue offer from an American casino giant and has agreed to tip in more than $50 million if a deal proceeds. best casino list Helsinki operator Star is staring down another major financial threat, despite shareholders approving a $300 million rescue deal last week. Steve McCann, Star’s chief executive, has been in negotiations with a group of potential investors since early March, when he announced a three-part deal to shore up the casino group’s financial future. Shares in struggling online casino app downloads giant Star Entertainment have plummeted after a brief trading halt was lifted, as the company searches for a financial lifeline by the end of the day.
Star had previously inked a deal to sell its Brisbane assets to its Hong Kong joint venture (JV) partners. He said the deal being in doubt meant the Casino bonus rollover operator, again, could faced the prospect of bankruptcy. In a statement to the Hong Kong stock exchange, Far East Consortium said Star must repay $10 million to the parties within 30 days of the termination, and failing that, it must transfer its third stake in the Gold Coast hotel project. The group’s joint venture partners have threatened to walk away from the agreement struck to sell its stake in the Queen’s Wharf FX deposit limits casino and hotel complex.
The company is burning through cash at the rate of $35 million a month, which gives it about six weeks of funds left before emptying its piggy bank. Revenue slumped 19 per cent over the last 12 months, with Star Sydney the company’s worst-performing asset. Morningstar still expects earnings to recover in the medium term as the Queen’s Wharf development ramps up, cyclical discretionary weakness turns and regulatory costs ease. The company has taken an appropriate approach to shareholder distributions with the suspension of dividends during the pandemic. The remains their intention until suitable providing it remains within its target leverage range at the time. Star has arguably underinvested in its Sydney casino, however the $500 million sunk in improving its VIP gaming segment is unlikely to deter Crown casinos from capturing 60% of its VIP market share by fiscal 2025. Boosted by new developments in Queensland and a recovery from current headwinds, we project a 5% annual revenue growth for the five years ending fiscal 2029.
Both groups used a model banned by almost every jurisdiction in the world, apart from Macau. They allowed outsiders to run private gambling operations within the confines of their casinos. That paved the way for organised Chinese crime syndicates to launder money in Australia. On Friday, the shares briefly dropped below 20c, valuing the group at just $1.2 billion. Strip away the huge money-laundering operation from mainland Chinese-based criminal gangs, and the business model upon which Australia’s two big casino groups has been built suddenly is under threat. That annoying little slogan tacked on to the end of every broadcast gambling advertisement, as a warning to those with an addiction, has come back to bite Desktop casino comparison Australia owners and investors.
Star announced as recently as 19 August that its report for the financial year ended 30 June 2024 would be published on 31 August. The company, which owns and operates 19 venues in the United States, has offered a $250 million recapitalisation proposal that would hand it control. Bally’s Corp (BALY) makes a surprise $158M bid for Australia’s Star Entertainment (EHGRF) to recapitalize assets. Shares edge higher; banks lift; Star’s sharemarket return; ANZ tips 40pc chance of recession; WiseTech’s board update; two MinRes directors exit. The casino operator has been negotiating with its lenders over changes to covenants on borrowings of more than $400 million. Australia’s publicly traded wealth management firms are drawing interest from investors attracted to the country’s thriving pension system. Insignia, formerly known as IOOF, oversees approximately $327 billion in client assets, making it the third-largest player in Australia’s superannuation sector.
If funding isn’t secured, Star will face the prospect of entering voluntary administration, which would see independent administrators appointed to manage affairs on behalf of creditors, and attempt to rescue operations. Shares in Star Entertainment have been suspended from trading on the stock exchange after it failed to lodge its financial results. Calix Ltd has seen its shares soar to 60cps on Monday trades after announcing it’s teaming up with none other than Rio Tinto. Most Star employees are based in Sydney, and despite recent troubles, its Pyrmont site remains a major tourism destination, with 650 hotel rooms and 36 food and beverage venues. In February, Star said it had received an $650 million offer from US alternative asset manager Oaktree Capital to refinance its debt.
The ECB lowered its 2025 economic growth forecast for the fourth straight time on Thursday, putting expansion in 2025 at just 0.9, only slightly above the 0.7% pace recorded last year. Easing for the sixth time since June, the ECB lowered its deposit rate to 2.5% in a nod to slowing inflation and faltering growth, sweeps oasis crypto betting strategies and said that rates were still restricting growth, even if less so than in the past. “It is out of step with community expectations and other essential services sectors like energy,” Ms Tonkin said.
“Star put out a notice to staff on Friday assuring staff that they’ll be paid this week, but that’s yet to be seen, obviously,” Mr Jones told Radio National Breakfast. NSW and Queensland governments said on Friday their main concern was to ensure jobs were protected. The 2022 inquiry determined that The Star Sydney had failed to protect itself from being used by criminal gangs to launder money in private high-roller junket rooms. It has only very recently turned its attention to dealing with challenges that should have been prioritized earlier,” NICC chief commissioner Philip Crawford said.