ASX
203 days, 1 hours ago 
SGR
The Star Entertainment Group Limited
Notification of substantial shareholding - JPMorgan
JPMorgan Chase & Co. and its affiliates have become a substantial shareholder in The Star Entertainment Group, holding 5.06% of the company's voting power.

ASX
207 days, 4 hours ago 
SGR
The Star Entertainment Group Limited
Notification of cessation of securities - SGR
The Star Entertainment Group Limited has announced the cessation of various securities, including performance rights, options, and service rights, primarily due to the forfeiture of securities following the cessation of employment of non-key management personnel.

ASX
210 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Notification of substantial shareholding - JPMorgan Chase
JPMorgan Chase & Co. and its affiliates have become a substantial shareholder in The Star Entertainment Group, holding 5.09% of the company's voting power.

ASX
217 days, 3 hours ago 
SGR
The Star Entertainment Group Limited
CEO The Star Gold Coast - Resignation
The Star Entertainment Group announced the resignation of Mark Mackay, CEO of The Star Gold Coast.

ASX
221 days, 1 hours ago 
SGR
The Star Entertainment Group Limited
Notification regarding unquoted securities - SGR
The Star Entertainment Group Limited has issued over 10 million unquoted performance rights to its CEO as part of an employee incentive scheme.

ASX
224 days, 1 hours ago 
SGR
The Star Entertainment Group Limited
The Star Gold Coast - Regulatory Update
The Star Entertainment Group's Gold Coast casino license suspension has been deferred to March 31, 2025, providing an opportunity to address outstanding remediation matters.
Better than expected
 
Delay expected
 

ASX
227 days, 11 hours ago 
SGR
The Star Entertainment Group Limited
New Debt Facility Arrangement - Drawdown of Tranche 1
Star Entertainment Group has confirmed the drawdown of the first $100 million tranche of its new debt facility, expecting to receive funds by December 9th, resulting in a net cash increase of approximately $37.1 million after fees.

ASX
231 days, 2 hours ago 
SGR
The Star Entertainment Group Limited
Group CEO and Managing Director - Regulatory Approval
The Star Entertainment Group announced that Steve McCann has received all necessary regulatory approvals and will become Group CEO and Managing Director on December 2, 2024.

ASX
232 days, 4 hours ago 
SGR
The Star Entertainment Group Limited
Results of 2024 Annual General Meeting
The Star Entertainment Group held its 2024 Annual General Meeting on November 28th, with all resolutions passing, though the Remuneration Report received a first strike due to over 25% of votes cast against it.

ASX
232 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
2024 AGM Addresses
The Star Entertainment Group, facing significant leadership changes, declining revenue, and ongoing liquidity challenges, reported a challenging year but highlighted progress on remediation efforts and new development projects.
Capital raise
 
Worse than expected
 

ASX
233 days, 1 hours ago 
SGR
The Star Entertainment Group Limited
Notification of cessation of securities - SGR
Star Entertainment Group Limited announced the lapse of 249,051 performance rights (SGRAK) due to unfulfilled conditions, as of November 27, 2024.

ASX
233 days, 1 hours ago 
SGR
The Star Entertainment Group Limited
Lapsing of Executive Performance Rights
Star Entertainment Group announced that executive performance rights granted in FY21 have lapsed due to the non-achievement of performance hurdles.
Worse than expected
 

ASX
239 days, 5 hours ago 
SGR
The Star Entertainment Group Limited
New Debt Facility Arrangement - Update
Star Entertainment Group has finalized a $200 million debt facility, with the first $100 million tranche expected to be available by December 20, 2024, and has secured a covenant waiver until December 31, 2024.

ASX
261 days, 8 hours ago 
SGR
The Star Entertainment Group Limited
Corporate Governance Statement
The Star Entertainment Group's 2024 Corporate Governance Statement details the company's commitment to contemporary practices, ongoing transformation, and efforts to regain casino license suitability.

ASX
261 days, 8 hours ago 
SGR
The Star Entertainment Group Limited
2024 Annual Report
The Star Entertainment Group reported a FY24 statutory net loss after tax of $1,685 million, impacted by challenging trading conditions, cost of living pressures, casino operating reforms, and loss of market share, but is pursuing a range of initiatives to improve liquidity and restore shareholder value.
Worse than expected
 
Capital raise
 

ASX
262 days, 5 hours ago 
SGR
The Star Entertainment Group Limited
Notice of Annual General Meeting / Proxy Form
The Star Entertainment Group announced its 2024 Annual General Meeting will be held on November 28, 2024, with shareholders able to participate in person or online, and also released its first quarterly report for the quarter ended September 30, 2024.

ASX
270 days, 3 hours ago 
SGR
The Star Entertainment Group Limited
Response to ASX Aware Letter
The Star Entertainment Group faces scrutiny from ASX over its recent financial disclosures, including a significant $1.44 billion impairment charge and a new $200 million debt facility.
Worse than expected
 
Capital raise
 

ASX
274 days, 5 hours ago 
SGR
The Star Entertainment Group Limited
NICC response to Bell Two & revised Remediation Plan update
The Star Entertainment Group has been fined \$15 million by the NSW Independent Casino Commission (NICC) for breaches identified in the Bell Two Report, with its casino license remaining suspended until at least March 2025.
Worse than expected
 

ASX
274 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Trading Halt
The Star Entertainment Group (ASX: SGR) requested a trading halt pending the release of an announcement regarding correspondence from the NSW Independent Casino Commission concerning its response to the Bell Two Report.

ASX
274 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Pause in Trading
Trading in Star Entertainment Group Limited (SGR) securities has been temporarily paused pending a further announcement.
Worse than expected
 

ASX
302 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
2024 Annual General Meeting Details
The Star Entertainment Group Limited announced its 2024 Annual General Meeting (AGM) will be held online and in Brisbane on November 28, 2024, with the deadline for director nominations being September 26, 2024.

ASX
308 days, 4 hours ago 
SGR
The Star Entertainment Group Limited
Show Cause Notice relating Bell Two Report-Notice Attached
The Star Entertainment Group received a show cause notice from the NSW Independent Casino Commission regarding breaches detailed in the Bell Two Report, potentially facing disciplinary actions including license suspension or a $100 million penalty.
Worse than expected
 

ASX
308 days, 5 hours ago 
SGR
The Star Entertainment Group Limited
Show Cause Notice relating to Bell Two Report
The Star Entertainment Group received a show cause notice from the New South Wales Independent Casino Commission regarding matters raised in the Bell Two Report, requiring a response by September 27th.
Worse than expected
 

ASX
310 days, 2 hours ago 
SGR
The Star Entertainment Group Limited
Market Update
The Star Entertainment Group is delaying its FY24 preliminary financial report due to ongoing discussions with stakeholders regarding its financial position, resulting in a continued share suspension.
Worse than expected
 
Delay expected
 

ASX
312 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Gold Coast CEO appointment
The Star Entertainment Group announced the appointment of Mark Mackay as Chief Executive Officer of The Star Gold Coast, effective September 10, 2024, pending regulatory approvals.

ASX
314 days, 23 hours ago 
SGR
The Star Entertainment Group Limited
Agreement to sell the Treasury Brisbane Casino building
The Star Entertainment Group has agreed to sell its Treasury Brisbane Casino building leasehold interest to Griffith University for $67.5 million, with net proceeds expected to be $60.7 million after adjustments.
Delay expected
 

ASX
316 days, 23 hours ago 
SGR
The Star Entertainment Group Limited
Market Update
The Star Entertainment Group is reviewing its financial position and liquidity, considering safe harbor provisions under the Corporations Act, and delaying its FY24 preliminary financial report release.
Worse than expected
 
Delay expected
 

ASX
351 days, 0 hours ago 
SGR
The Star Entertainment Group Limited
NSW operations - extension of Manager appointment
The Star Entertainment Group announces the extension of Mr. Nicholas Weeks' appointment as manager of the Sydney Casino until March 31, 2025, as directed by the New South Wales Independent Casino Commission.

ASX
351 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Response to media speculation
The Star Entertainment Group acknowledges media speculation regarding recommendations from the Independent Inquiry into The Star, but has not yet received the official report.

ASX
353 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Response to ASX Price Query
The Star Entertainment Group (SGR) responds to an ASX price query, stating they are unaware of any undisclosed information that could explain recent trading activity and confirms compliance with ASX Listing Rules.

ASX
366 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Rectification of System Performance Issues
The Star Entertainment Group has resolved the system performance issues with its electronic gaming machines and electronic table games, bringing all three properties back online after a temporary shutdown.
Better than expected
 

ASX
382 days, 4 hours ago 
SGR
The Star Entertainment Group Limited
Regulatory Approvals Granted to Investment Holdings Pty Ltd
The Star Entertainment Group receives regulatory approvals for Investment Holdings Pty Ltd to acquire up to 20% voting power, subject to certain conditions.

ASX
382 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Company Secretary Update
The Star Entertainment Group announces the resignation of Group Company Secretary Hamish Macdonald, effective June 30, 2024, and the appointment of Ms Williams pending necessary approvals.

ASX
387 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Appointment of Chief Executive Officer & Managing Director
Steve McCann has been appointed as the new Group Chief Executive Officer and Managing Director of The Star Entertainment Group, effective July 8, 2024, subject to regulatory approvals.

ASX
389 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Update on leadership arrangements
David Foster resigns from The Star Entertainment Group, and Neale O'Connell is appointed as Acting CEO while the search for a permanent Group CEO & MD continues.

ASX
389 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Trading update and earnings guidance
The Star Entertainment Group anticipates challenging trading conditions will lead to FY24 revenue between $1.675 billion and $1.685 billion, with normalised EBITDA in the range of $165 million to $180 million.
Worse than expected
 

ASX
414 days, 0 hours ago 
SGR
The Star Entertainment Group Limited
Appointment of Group Chief Operating Officer
The Star Entertainment Group appoints Jeannie Mok as Group Chief Operating Officer to lead remediation efforts, effective June 11, 2024.

ASX
423 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Further response to media articles
The Star Entertainment Group clarifies its position on potential corporate activity following media reports, confirming inbound interest but no substantive discussions with a consortium involving 'Hard Rock Hotels & Resorts (Pacific)'.

ASX
424 days, 8 hours ago 
SGR
The Star Entertainment Group Limited
Response to media articles
The Star Entertainment Group acknowledges unsolicited, preliminary interest from multiple parties, including a consortium involving Hard Rock Hotels & Resorts (Pacific), but emphasizes its focus on remediation and the Bell Two Inquiry.

ASX
424 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Pause in Trading
Trading in The Star Entertainment Group Limited's securities has been temporarily paused pending a further announcement.

ASX
424 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Response to media speculation
The Star Entertainment Group acknowledges receiving unsolicited, preliminary, and non-binding interest from external parties regarding potential transactions, but no substantive discussions have occurred.

ASX
427 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Queensland Operations - Regulatory Update
The Star Entertainment Group's Queensland casino license suspensions have been delayed from May 31, 2024, to December 20, 2024, pending further review.
Delay expected
 

ASX
442 days, 0 hours ago 
SGR
The Star Entertainment Group Limited
Suitability Investigation - The Star Brisbane
A Queensland government review found insufficient evidence to conclude that Chow Tai Fook Enterprises Limited (CTFE), a 25% interest-holder in The Star Brisbane casino licence, or its associates are unsuitable.

ASX
445 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Appointment of new Chairman
Anne Ward has been appointed as the new Chairman of The Star Entertainment Group, effective immediately, while the search for a permanent Group CEO continues.

ASX
459 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
NSW Inquiry - Commencement of hearings
The Star Entertainment Group acknowledges the commencement of public hearings for the NSW inquiry led by Mr. Adam Bell SC, and commits to full cooperation.

ASX
462 days, 10 hours ago 
SGR
The Star Entertainment Group Limited
Trading Update
The Star Entertainment Group reports a 4.6% decrease in net revenue for Q3 FY24 compared to the prior corresponding period, driven by a significant drop in Premium Gaming Room revenue despite strong performance in the Main Gaming Floor.
Worse than expected
 

ASX
480 days, 9 hours ago 
SGR
The Star Entertainment Group Limited
Notification of public hearings, extension of Manager's term
The Star Entertainment Group announces public hearings for an inquiry and the extension of the Manager's term till 30 September 2024.

SGR 
The Star Entertainment Group Limited 
ASX

Update on status of DBC negotiations

Sentiment:
 Project Update
 29 June 2025 8:02 PM

The Star Entertainment Group faces the termination of a key development agreement after joint venture partners issued a notice to end their Heads of Agreement, despite the company's willingness to continue negotiations.

Worse than expected
  The long-form documents for the binding heads of agreement were not entered into by the April 30, 2025 deadline.  The Joint Venture Partners issued a notice to terminate the Heads of Agreement, which is a significant negative development for the DBC transaction. 

Delay expected
  The long form documents between The Star and the Joint Venture Partners with respect to the DBC transaction were required to be entered into by April 30, 2025, but this deadline was not met. 

Summary
  • The Star Entertainment Group (SGR) provided an update on its negotiations regarding the Destination Brisbane Consortium (DBC) transaction with its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited.
  • The long-form documents for the binding heads of agreement (HoA), initially signed on March 7, 2025, were due by April 30, 2025, a deadline that was not met.
  • Despite ongoing negotiations since a recent general meeting, the parties have failed to agree on outstanding commercial issues.
  • Consequently, the joint venture partners issued a notice to terminate the HoA, which will become effective on July 7, 2025, unless withdrawn.
  • The Star, however, has expressed its continued willingness to negotiate.
  • Separately, The Star confirmed the receipt of $58 million from Event Centre sale proceeds and $133 million in funding from Bally's Corporation and Investment Holdings.
Sentiment

Score: 3

Explanation: The sentiment is largely negative due to the termination notice for a key development agreement and the failure to meet a critical deadline, despite some positive news regarding received funding.

Positives
  • The Star Entertainment Group has received $58 million from Event Centre sale proceeds.
  • The Star Entertainment Group has received $133 million in funding from Bally's Corporation and Investment Holdings.
  • The Star Entertainment Group remains willing to continue negotiations for the DBC transaction despite the termination notice.
Negatives
  • The deadline of April 30, 2025, for entering into long-form documents for the DBC transaction was not met.
  • The Joint Venture Partners have issued a notice to terminate the binding heads of agreement (HoA).
  • The termination of the HoA is set to become effective on July 7, 2025, if not withdrawn.
  • The parties have not reached an agreement on outstanding commercial issues regarding the DBC transaction.
Risks
  • The termination of the binding heads of agreement (HoA) for the DBC transaction could proceed, impacting the future of the project.
  • Failure to resolve outstanding commercial issues with joint venture partners could lead to a permanent breakdown in the DBC transaction.
  • Uncertainty surrounding the DBC transaction may affect investor confidence and future project development.
Future Outlook

The Star Entertainment Group will provide further updates on material developments regarding its negotiations with Joint Venture Partners, including if the termination of the HoA takes effect.

Management Comments
  • The Chairman, Anne Ward, authorized the announcement.
  • The Star remains willing to continue negotiations with the Joint Venture Partners to give effect to the DBC transaction.
Industry Context

This announcement highlights the complexities and potential pitfalls in large-scale integrated resort and casino development projects, particularly those involving multiple international partners. The termination notice reflects challenges in finalizing commercial terms, a common hurdle in such intricate joint ventures, and could signal a shift in the competitive landscape or project viability within the Australian gaming and tourism sector.

Stakeholder Impact
  • Shareholders: May face uncertainty regarding the future of the DBC project and potential negative impacts on share price due to the termination notice.
  • Joint Venture Partners (Chow Tai Fook Enterprises Limited and Far East Consortium International Limited): Have exercised their right to terminate the HoA, indicating a breakdown in negotiations from their perspective.
  • Bally's Corporation and Investment Holdings: Their recent funding to The Star is noted, but the impact of the DBC termination on their investment is unclear from this document.
  • Employees: Potential long-term impact on job security or future opportunities related to the DBC project if it does not proceed.
  • Creditors: May view the termination of a significant development agreement as an increased risk, potentially affecting future financing terms.
Next Steps
  • The Star Entertainment Group will provide an update when there are further material developments with respect to its negotiations with its Joint Venture Partners, including if any termination of the HoA takes effect.
Key Dates
  • 2025-03-07: Date of the binding heads of agreement (HoA) with joint venture partners.
  • 2025-04-30: Deadline by which long form documents for the DBC transaction were required to be entered into.
  • 2025-06-30: Date of the ASX announcement and receipt of the termination notice from Joint Venture Partners.
  • 2025-07-07: Effective date for the termination of the HoA, 5 business days from June 30, 2025, unless withdrawn earlier.
Keywords
The Star Entertainment Group, SGR, DBC transaction, Destination Brisbane Consortium, Chow Tai Fook Enterprises, Far East Consortium, Heads of Agreement, HoA termination, joint venture, casino, integrated resort, property development, funding, Bally's Corporation

SGR 
The Star Entertainment Group Limited 
ASX
Sector: Consumer Services
 
Filings with Classifications
Delay expected
6 July 2025 7:48 PM

Joint Venture Agreement Update
  • The termination date of the Heads of Agreement has been extended from an unspecified prior date to July 31, 2025, indicating a delay in finalising or resolving the agreement.
Worse than expected
6 July 2025 7:48 PM

Joint Venture Agreement Update
  • The Star is now obligated to make significant repayments totaling approximately $36.5 million to its joint venture partners, which was not part of the original HoA.
  • The initial notice of termination on June 30, 2025, indicates a deterioration of the original agreement.
Delay expected
29 June 2025 8:02 PM

Project Update
  • The long form documents between The Star and the Joint Venture Partners with respect to the DBC transaction were required to be entered into by April 30, 2025, but this deadline was not met.
Worse than expected
29 June 2025 8:02 PM

Project Update
  • The long-form documents for the binding heads of agreement were not entered into by the April 30, 2025 deadline.
  • The Joint Venture Partners issued a notice to terminate the Heads of Agreement, which is a significant negative development for the DBC transaction.
Better than expected
24 June 2025 11:03 PM

General Meeting Results
  • The results were better than expected as all resolutions passed with exceptionally high 'For' percentages, indicating strong shareholder alignment and confidence.
Capital raise
24 June 2025 7:26 PM

Strategic Investment Update
  • The Star entered into a binding term sheet with Bally's for a strategic investment in the form of a multi-tranche convertible note and subordinated debt instrument with a principal value of $300 million.
  • Investment Holdings, The Star's largest shareholder, committed to subscribe for $100 million of this combined strategic investment.
Better than expected
24 June 2025 7:26 PM

Strategic Investment Update
  • The strategic investments provide crucial cash funding, helping The Star avoid voluntary administration, which is deemed not in shareholders' best interests.
  • The Independent Expert concluded that shareholders would be 'better off' if the strategic investments proceed than if they do not.
Delay expected
26 May 2025 4:37 AM

General Meeting Notice
  • The completion of the agreement for The Star to exit its equity interest in Destination Brisbane Consortium (DBC) and consolidate its Gold Coast position has been delayed, as long form documents were required to be entered into by April 30, 2025, but negotiations are ongoing.
  • The opening of Queens Wharf Brisbane was ultimately delayed by nearly two years due to project cost overruns and disputes with the building contractor.
  • The implementation of mandatory carded play and cash limits in Queensland has yet to be confirmed, despite being legislated.
Capital raise
26 May 2025 4:37 AM

General Meeting Notice
  • The Star is likely to need to raise additional capital in the future, even with the financing provided by Bally's and Investment Holdings, to continue as a going concern.
  • Any additional equity funding in the future may be dilutionary for shareholders.
  • The company may need to increase secured debt, issue subordinated debt, or raise additional equity to address potential future liquidity crises.
Worse than expected
26 May 2025 4:37 AM

General Meeting Notice
  • The Star's H1 FY25 normalised revenue was $649.6 million, down 25% from H1 FY24, primarily due to a 32% decline in domestic gaming revenue.
  • H1 FY25 EBITDA was a loss of $26.4 million, down 123.2% from H1 FY24, reflecting a sharp deterioration in profitability.
  • The company's unrestricted cash balance as at December 31, 2024, was only $78.5 million, down from nearly $200 million six months prior, indicating a rapid depletion of liquidity.
  • The Independent Expert concluded that the terms of the strategic investments are 'not fair' based on regulatory policy's theoretical methodology, implying the valuation is below the fair market value on a control basis.
Capital raise
29 April 2025 8:09 PM

Quarterly Activities Report
  • The Star has entered into a binding term sheet with Bally's for a strategic investment in the form of a multi-tranche convertible note and subordinated debt instrument for a principal value of $300 million.
  • The company is exploring non-core asset disposals, alternate financing initiatives, and other strategic initiatives to raise further cash.
Worse than expected
29 April 2025 8:09 PM

Quarterly Activities Report
  • The company's revenue decreased by 9% compared to the previous quarter.
  • The company reported an EBITDA loss of $21 million, a significant decline from the previous quarter's loss of $8 million.
Delay expected
29 April 2025 8:09 PM

Quarterly Activities Report
  • The conditions precedent required to access the second Tranche of $200 million from the debt facility have not been met, and the Tranche is no longer available.
  • The shareholder meeting for the Strategic Investment into The Star by Ballys and Investment Holdings is targeted for late June 2025.
Worse than expected
14 April 2025 10:22 PM

Half-Year Results Presentation
  • The company's revenue and EBITDA are significantly lower than the previous year, indicating a worsening financial performance.
Delay expected
14 April 2025 10:22 PM

Half-Year Results Presentation
  • The completion of Tower 2 at the Gold Coast property is expected to be delayed due to a water leak event.
Delay expected
14 April 2025 10:21 PM

Half Year Report
  • The water leak event in Tower 2 on the Gold Coast property is expected to delay completion of the construction of the apartments and hotel.
Worse than expected
14 April 2025 10:21 PM

Half Year Results
  • The company reported a statutory net loss of $302 million, a significant decline compared to the prior corresponding period.
  • Normalised EBITDA showed a loss of $26 million, indicating operational challenges.
  • Group revenue decreased by 25% compared to the prior corresponding period, reflecting challenging trading conditions.
Delay expected
14 April 2025 10:21 PM

Half Year Results
  • Long form documentation for the strategic investment by Ballys and Investment Holdings is currently targeted in the next week, indicating a potential delay.
  • A shareholder meeting is currently targeted for late June 2025, suggesting a possible delay in the approval process.
Capital raise
14 April 2025 10:21 PM

Half Year Results
  • The Star executed a binding term sheet with Ballys Corporation (Ballys) and a binding commitment letter with Investment Holdings Pty Ltd (Investment Holdings) for a $300 million strategic investment into The Star by way of convertible notes and subordinated debt.
Worse than expected
14 April 2025 10:21 PM

Half Year Report
  • The financial results were worse than expected due to a significant decline in revenue and LBITDA, driven by challenging trading conditions, casino operating reforms, and increased remediation costs.
Capital raise
14 April 2025 10:21 PM

Half Year Report
  • The Group entered into a binding term sheet with Bally's Corporation for a $300 million strategic investment.
  • Investment Holdings may subscribe for up to $100 million of the Investment.
  • The first tranche of $100 million was received on 9 April 2025.
  • The second tranche of $200 million is payable to the Group following shareholder approval.
Capital raise
7 April 2025 5:20 AM

Strategic Investment Announcement
  • The Star Entertainment Group is raising $300 million through a multi-tranche convertible note and subordinated debt instrument.
  • Investment Holdings Pty Ltd may subscribe for up to $100 million of the Investment.
Worse than expected
1 April 2025 7:00 PM

Refinancing Update
  • The withdrawal of a necessary refinancing proposal indicates a failure to secure crucial funding.
  • The company's inability to meet lender conditions signals significant obstacles in its financing efforts.
  • Ongoing liquidity issues are confirmed and potentially exacerbated by the failed refinancing.
  • The delay in lodging the half-year financial report highlights the severity of the financial situation.
Delay expected
1 April 2025 7:00 PM

Refinancing Update
  • The company cannot lodge its half-year financial report for the period ended 31 December 2024 due to the lack of a refinancing solution.
Capital raise
1 April 2025 7:00 PM

Refinancing Update
  • The company's statement that it continues to explore 'liquidity solutions' strongly implies that a future capital raise (e.g., equity issuance) is being considered as an alternative to the failed debt refinancing.
Delay expected
27 March 2025 8:30 PM

Regulatory Update
  • The Star Sydney's casino license reinstatement is delayed until at least September 30, 2025.
Capital raise
9 March 2025 8:31 PM

Funding Proposal Announcement
  • Ballys Corporation has proposed a capital raise of at least A$250 million for The Star Entertainment Group.
  • The capital raise would be through the issuance of convertible notes subordinated to The Star's existing senior lenders.
  • The convertible notes would be convertible into at least 50.1% of The Star's fully diluted ordinary shares.
  • Ballys would underwrite the entire amount of the capital raise, but would be supportive of providing The Star's existing shareholders the right to participate in a significant portion of the offering on a pro rata basis.
Delay expected
7 March 2025 3:25 AM

ASX Announcement
  • The Oaktree Proposal has not been able to be finalised at the current time.
Worse than expected
7 March 2025 3:25 AM

ASX Announcement
  • The high interest rate on the bridge facility and the need for short-term liquidity initiatives suggest a worse than expected financial situation for The Star.
Delay expected
2 March 2025 7:06 PM

ASX Announcement
  • The 1HFY25 Report was not lodged on Friday, 28 February 2025 as required by the ASX Listing Rules.
Capital raise
2 March 2025 7:06 PM

ASX Announcement
  • The Company is unlikely to be in a position to lodge its 1HFY25 Report unless, and until, it has secured a refinancing commitment that would enable The Star to refinance all of the Group's existing corporate debt, as well as to provide additional liquidity.
Worse than expected
2 March 2025 7:06 PM

ASX Announcement
  • The company failed to lodge its half year financial report by the ASX deadline.
Delay expected
27 February 2025 6:31 PM

Half Year Financial Reporting Update
  • The release of the half-year financial report is contingent on receiving and assessing liquidity proposals, indicating a potential delay in its publication.
Capital raise
27 February 2025 6:31 PM

Half Year Financial Reporting Update
  • The company is exploring possible liquidity solutions that might materially increase the Group's liquidity position.
  • The company anticipates that it will receive one or more liquidity proposals during the course of today.
Worse than expected
27 February 2025 6:31 PM

Half Year Financial Reporting Update
  • The company's announcement that there is material uncertainty as to the Group's ability to continue as a going concern indicates worse than expected results.
Worse than expected
16 February 2025 6:03 PM

Financing Announcement
  • The document indicates material uncertainty as to the Group's ability to continue as a going concern, which is worse than expected.
Worse than expected
9 February 2025 5:29 PM

Response to Media Speculation
  • The announcement highlights that current acquisition proposals do not provide sufficient value, and there is material uncertainty about the company's ability to continue as a going concern.
Capital raise
19 January 2025 5:56 PM

Quarterly Activities Report
  • The Group continues to explore other possible liquidity solutions.
  • The Group's capacity to raise $150 million of additional capital is challenging.
  • There is no certainty that ongoing negotiations for liquidity solutions will be successful.
Delay expected
19 January 2025 5:56 PM

Quarterly Activities Report
  • The Star Sydney's license suspension continues and is under the oversight of a NICC appointed Manager until at least 31 March 2025.
  • The suspension of The Star Gold Coast's license was deferred until 31 March 2025.
Worse than expected
19 January 2025 5:56 PM

Quarterly Activities Report
  • The company reported a 15% decrease in revenue compared to the previous quarter.
  • The company reported an EBITDA loss of $8 million, although an improvement from the previous quarter, it is still a loss.
  • The company's available cash has decreased significantly to $78 million.
  • The company's Sydney license remains suspended.
Capital raise
8 January 2025 2:38 AM

Cash and Liquidity Update
  • The company is exploring other liquidity solutions, which could include a potential capital raise.
  • The company is working to fulfill conditions to draw down the additional $100 million under Tranche 2 of the new debt facility.
Worse than expected
8 January 2025 2:38 AM

Cash and Liquidity Update
  • The company's available cash decreased significantly, indicating worse than expected financial performance.
  • The company's cash position was worse than expected despite drawing down on a new debt facility.
Delay expected
6 December 2024 2:32 AM

Regulatory Update
  • The suspension of The Star Gold Coast casino license has been delayed until March 31, 2025.
Better than expected
6 December 2024 2:32 AM

Regulatory Update
  • The deferral of the license suspension is a positive development, providing The Star with more time to address the issues and potentially avoid a suspension.
Capital raise
27 November 2024 6:28 PM

Annual Report
  • The company needs to raise $150 million in subordinated capital to access the second tranche of $100 million in debt facilities.
Worse than expected
27 November 2024 6:28 PM

Annual Report
  • The unaudited Group EBITDA loss before significant items for the first 4 months of FY25 was $27 million, indicating significantly worse than expected financial performance.
  • Daily average revenue is down 15.5% since implementing mandatory carded play and cash limits, demonstrating a negative impact on revenue generation.
Worse than expected
27 November 2024 2:09 AM

Executive Compensation Update
  • The non-achievement of performance hurdles for the FY21 Grant indicates worse-than-expected performance against the targets set for executive compensation.
Worse than expected
29 October 2024 8:21 PM

Annual Report
  • The FY24 statutory net loss after tax of $1,685 million was significantly worse than the previous year's loss and reflects the impact of challenging trading conditions, regulatory changes, and remediation costs.
Capital raise
29 October 2024 8:21 PM

Annual Report
  • The company is seeking to raise at least $150 million in subordinated debt as a condition precedent for the second tranche of its new debt facility.
Capital raise
21 October 2024 1:22 AM

ASX Compliance Response
  • The Star may need to raise additional capital to support its financial position and address the impairment charges.
Worse than expected
21 October 2024 1:22 AM

ASX Compliance Response
  • The anticipated impairment charge of $1.44 billion indicates worsening financial conditions compared to previous years.
Worse than expected
16 October 2024 11:17 PM

Regulatory Action
  • The \$15 million fine and continued suspension of The Star Sydney's license represent significantly worse-than-expected outcomes for the company.
Worse than expected
16 October 2024 6:53 PM

Trading Halt Announcement
  • The trading halt suggests a negative development is pending, indicating worse-than-expected news for investors.
Worse than expected
13 September 2024 12:26 AM

Regulatory Notice
  • The show cause notice and potential for significant penalties indicate worse-than-expected results for The Star Entertainment Group, given the severity of the breaches and potential consequences.
Worse than expected
12 September 2024 11:53 PM

Regulatory Notice
  • The show cause notice from the NICC indicates that the regulator has serious concerns about The Star's suitability to hold its casino license, suggesting worse-than-expected regulatory outcomes.
Worse than expected
11 September 2024 2:51 AM

Market Update
  • The delay in releasing the FY24 financial report and the continued share suspension indicate worse-than-expected performance and financial difficulties for The Star Entertainment Group.
Delay expected
11 September 2024 2:51 AM

Market Update
  • The Star Entertainment Group has delayed the release of its FY24 preliminary financial report due to ongoing discussions with stakeholders regarding its financial position.
Delay expected
6 September 2024 5:18 AM

Property Sale Agreement
  • The sale is subject to several conditions, including government approvals and a new lease being granted, which could delay the settlement.
Delay expected
4 September 2024 5:21 AM

Market Update
  • The release of the FY24 preliminary financial report has been delayed, as the company is currently reviewing its financial and liquidity position.
Worse than expected
4 September 2024 5:21 AM

Market Update
  • The delay in releasing the FY24 preliminary financial report and the ongoing review of the company's financial and liquidity position suggest worse than expected results.
Better than expected
16 July 2024 6:42 PM

Missing type for ID: 2057
  • ASX:SGR announces better than expected results.
Worse than expected
23 June 2024 6:49 PM

Trading Update and Earnings Guidance
  • The company expects lower revenue and EBITDA than previously anticipated due to challenging trading conditions and elevated operating expenses.
Delay expected
16 May 2024 6:26 PM

Regulatory Update
  • The license suspensions for The Star Gold Coast and Treasury Brisbane casinos have been delayed from May 31, 2024, to December 20, 2024.
Worse than expected
11 April 2024 6:25 PM

Trading Update
  • The company's net revenue and normalised EBITDA decreased compared to the prior corresponding period, indicating worse than expected performance.

Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.