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Star Entertainment needs to lock in a multimillion-dollar funding package before the start of April or faces the prospect of voluntary administration. The terms are expected to be finalised as early as Monday, following a weekend of negotiations. Sharemarket rallies after US futures, Asian stocks lift; Deutsche Bank first to tip 50bps May cut; Star saved as Bally’s swoops in; $A holds near five-year low. The distressed Star Entertainment will pay up to $10 million to a US hedge fund for a debt facility that was never used, Blackjack strategy online or signed-off on. The businessman’s visit, his second in two months, comes as the group’s Hong Kong backers are also in the country to take ownership of its Brisbane complex. The gaming giant had called off negotiations on an early proposal after finding itself unable to agree on key details of a plan to sell its Brisbane precinct. Real estate (-1.8pc), financials (-1.7pc) and tech (-1.5pc) led the losses in the first 15 minutes of trade.
While Star has pointed to an unnamed party as key to its survival, it has not provided any details as it continues to negotiate a deal. The Australian Financial Review can reveal that this prospective financier is Salter Brothers, led by wealthy businessmen Paul and Robert Salter and backed by offshore funds. "I would note that the regulatory environment and challenges [of] technology upgrades and other matters we’re dealing with in Australia are quite unique to the Australian market. The NSW and Queensland governments have shown little interest in bailing out the company, and on Friday they pointed to the impact of Star’s precarious situation on jobs.
Star Entertainment Group's shares bombed on Friday, losing close to half their already heavily discounted value, after the company narrowly avoided collapse, securing a last-minute $200 million bailout from its bankers. "The situation for Star workers in terms of this current financial crisis dates back to September of last year, but for many Star workers, they've been dealing with Star's uncertainty for two to three years." The future of Star Gold Coast casino online gaming 2026 Entertainment and its thousands of workers remains uncertain as the company's efforts to secure a financial lifeline go down to the wire. We’re obviously been working with them over a period of time on a range of issues including the importance of the employment that is there and will continue to do so," NSW government senior minister Penny Sharpe said.
The Australian Financial Review can reveal Bally’s Corporation, which has 19 casinos across 11 American states, sent representatives to Australia to meet Star and visit its casinos last week, and has also met key Star shareholders and lenders. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. A trading update from executive chair Jack Cowin has raised investors' confidence. The parent company's guarantee of Star Entertainment's 50% share of the DBC debt facility remains in place.
Unless Wang has been given regulatory approval to move beyond 10 per cent of the live casino withdrawal times group (and there is no suggestion he has), he can’t contribute to a recapitalisation of the company. If he had been lined up or approached by the Star board as part of the rescue attempt, the company would need to have disclosed any deal or association. Star shares have been suspended from trade on the Australian Securities Exchange since March after the company failed to submit its half-year accounts. Embattled casino big win stories group Star Entertainment has secured a $300 million lifeline from US gaming giant Bally's, which has made a specialty of picking BlackCoin sign up "distressed" casinos.
Copyright © 2025 FactSet Research Systems Inc.Copyright © 2025, American Bankers Association. "They're not highly paid people — they're struggling with the cost of living as everyone else is and they can't afford to take a pay cut." The union was not aware of any requests for staff to take pay cuts or Pullman Reef casino reviews 2026 give up benefits to help keep the business afloat.