On Tuesday, a fresh notice showed his shareholding had increased from 5.5 per cent to 6.52 per cent. The following $200 million is subject to a shareholder vote and regulatory approvals. (It might even come in two lots of $100 million, the first after a shareholder vote and Bet365 VIP rewards the latter after approvals). A proposed long-term funding deal with Salter Brothers last week could not be finalised. The first payment — about $100 million — will be made on Wednesday to allow the operator to stay afloat. Last month it offered Star a $250 million deal and the Australian casino group wouldn't even meet with them. Company information displayed on The Australian Financial Review is sourced from Morningstar and ASX and is subject to their terms and conditions as set out in our Terms of Use.
In a further sign of its precarious financial situation, Victor 96 reputation the company’s Monday update also reiterated that the company’s directors continued to seek external advice on application of "safe harbour" provisions of the Corporations Act. This is part of the law aimed at helping directors turn around a distressed company without being personally liable for debts incurred by an insolvent company, provided they meet certain conditions. "While discussions continue with respect to a range of different solutions, there is no certainty that any of these negotiations will result in one or more definitive arrangements that might materially increase the Group’s liquidity position.
Star’s board has until the close of business on Tuesday to finalise the group’s accounts and get lenders’ relief, or the ASX will step in. The money laundering regulator’s public advice on using consultants contained some pretty good internal advice. Management of entertainment and leisure destinations with gaming, entertainment and hospitality services. As Jumbo Interactive shares slide, its bold global deals may be building the next chapter of growth.
Star has been in talks with the owners of the other half of Brisbane's Queen's Wharf development — Hong Kong investors Far East Consortium International and Chow Tai Fook Enterprises — since mid-February. Embattled casino group Star Entertainment will stay alive, for now, after securing a $53 million lifeline in return for selling its 50 per cent stake in the new Brisbane casino. The ASX 200 and the All Ordinaries index both ended Monday's session 1.8 per cent lower, wiping off about $50 billion in market value. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.
Shares are currently swapping hands at 25.5 cents per share, a far cry from the $4 per share range Star fetched pre-pandemic. Grattan's modelling shows that Australians who draw down their super at the minimum rate when they retire will leave the equivalent of 65 per cent of their original super balance unspent by the age of 92. The report you reference is from the Grattan Institute, which highlights that many retirees are net savers, with their super balances growing for decades after they retire, for fear of outliving their savings.
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 free gambling counseling Australia's Star Gold Coast casino FAQ 2026 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.
US casino operator Bally’s has reportedly shown interest, as has billionaire Clive Palmer. With the company’s future under a cloud, its board is holding out hope of a last-minute rescue, saying on Friday that it expected to receive "possible liquidity solutions" during the day, which would be carefully assessed. Star Entertainment has given its suitor Salter Brothers until the beginning of April to complete due diligence and deliver a $750 million rescue package, as the casino group teeters on the brink of collapse for the second time in a month. The ASX-listed company was hit with a 41 per cent protest vote against its remuneration report as it revealed an unaudited earnings before interest and tax loss of $27 million for the first four months of trading in the new financial year. The casino operator burnt through $107 million of its available cash in the December quarter, which should be its busiest trading period of the year. Meanwhile, Star’s largest shareholder and legendary hotelier Bruce Mathieson had also previously pitched two offers for the company’s Gold Coast Best pokies casino Australia.
Embattled casino operator Star Entertainment is facing a fresh blow, with a deal to exit a major Brisbane development on the brink of collapse. But in a sign of its deepening financial woes, Star has reiterated there is material uncertainty about its ability to continue operating. Star Entertainment chief executive Steve McCann has warned the casino group is still battling negative cash flows, and begged shareholders and lenders for patience as he attempts to turn around the business. Star is looking for a financial lifeline to stave off collapse after it was mired in a scandal involving criminal infiltration and money laundering in its Queensland and New South Wales casinos. The PayID casino slot jackpots giant said it was anticipating a funding deal on Friday which it would consider, but again warned of the possibility of facing financial collapse.
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 casino group will survive. The sovereign wealth fund has warned of a disconnect between executive pay and the performance of many ASX companies.
