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Star, which operates casinos in Brisbane, the Gold Coast and Sydney, entered a trading halt before the Australian share market opened on Friday after failing
to post its half-year financial results. Star's board remains unable to sign off on and lodge its half-year financial results due to the ongoing uncertainty and its shares remain suspended from
trading on the ASX. The failure to secure the $750
million deal has forced the company to try and shore up an alternative arrangement with US casino group Bally's.
Star warns its future remains uncertain and its shares will not be able to return to trade
until it is able to secure cash and lodge its financial accounts.
Star investors who got excited on Monday by the left-field emergence of a mystery Macau buyer
of the casino’s shares would be wise to curb their enthusiasm.
Currently, Star and its Chinese venture partners pay a fee for Star to run the casino.
The latest Chinese offer could involve CTF and FEC taking over almost
$740 million in debt from Star and paying hundreds of millions to complete the Brisbane casino development.
Day one of the corporate watchdog's case against Star Entertainment has begun in a Sydney court.
But the then-Miles government found CTF was still suitable to hold
a casino licence, arguing its lack of "candour and fulsomeness" with the regulator was due to "differences in cultural and organisational expectations".