• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 7 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again

Ben Blaschke by Ben Blaschke
Thu 9 Jan 2025 at 05:35
Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again
35
SHARES
879
VIEWS
Print Friendly, PDF & Email

Australia’s Star Entertainment Group is again facing a liquidity crunch, with the amount of available cash as of 31 December 2024 having plummeted to just AU$79 million due to rising costs, the payment of regulatory fines and difficult trading conditions.

In an update filed with the Australian Securities Exchange (ASX) on Wednesday, Star revealed that its available cash had fallen by AU$70 million from the AU$149 million it reported on 30 September 2024, and by AU$107 million when taking into account the AU$37.1 million in cash it obtained after drawing down the first AU$100 million tranche of a new debt facility in early December.

Much of that tranche went towards paying outstanding fees and costs.

While accessing a second AU$100 million tranche remains dependent upon the company fulfilling conditions precedent, Star said the significant reduction in available cash “reflects the continued difficult trading conditions highlighted at the Group’s Annual General Meeting on 28 November 2024, essential capital expenditure, significant items including upfront fees relating to the establishment of the New Facility, the first AU$5 million instalment of the AU$15 million fine imposed by the NSW Independent Casino Commission on 17 October 2024 following its consideration of the Bell Two Report, significant legal and consulting fees, ongoing transformation and remediation activities, and joint venture contributions.”

Star added that meeting conditions precedent in order to access its second tranche remains challenging, with the group continuing to explore other liquidity options as it scrambles to stay afloat.

The company’s perilous financial state is the result of mounting challenges since the first Bell inquiry in 2022 found the company unsuitable due to serious lack of compliance, including the illegal use of China UnionPay cards to fund gambling at The Star Sydney, its dealings with Asian junket operator Suncity Group and the company’s response to independent audits of its anti-money laundering (AML) and counter terrorism financing (CTF) controls.

The mandatory implementation of cashless gaming technology and increased regulatory requirements have seen operational costs blow out, while visitation and player spend – particularly in the premium gaming segment – has plummeted.

Star is also facing multiple shareholder class actions and has set aside AU$150 million to cover a looming action by Australia’s AML watch dog AUSTRAC.

Although the NSW government last year agreed to defer the implementation of a significantly increased tax on poker machine revenues, it recently rejected a request for further assistance.

Star operates three integrates resorts – The Star Sydney in NSW and The Star Gold Coast and The Star Brisbane in Queensland.

RelatedPosts

Light & Wonder to pursue sole ASX listing, complete delisting from NASDAQ by end of November

Light & Wonder to pursue sole ASX listing, complete delisting from NASDAQ by end of November

Thu 7 Aug 2025 at 05:57
AUSTRAC CEO Brendan Thomas named speaker for Sydney’s Regulating the Game 2025

OPINION: Entain’s repositioning and the compliance reckoning Australia’s clubs can’t ignore

Wed 6 Aug 2025 at 15:03
10 Years Ago: The Star war

NSW casinos given two-year reprieve on plan to lower daily cash limit to AU$1,000

Wed 6 Aug 2025 at 05:21
Legal battle continues to hurt Donaco’s bottom line

Donaco shareholders approve US$35 million privatization bid

Mon 4 Aug 2025 at 15:36
Load More
Tags: AustraliaAvailable cashliquidityStar Entertainment GroupThe Star (Sydney)
Share14Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

10 Years Ago: Rearing for a comeback

Resorts World Sentosa upgrade disruption sees 2Q25 gaming revenues fall 8% sequentially to US$313 million

by Ben Blaschke
Thu 7 Aug 2025 at 19:07

Genting Singapore reported a 3% year-on-year increase but a 6% sequential decline in group-wide revenue to SG$588.3 million (US$458 million) in 2Q25, with performance subdued due to ongoing renovation and expansion works at Resorts World Sentosa. While the company pointed...

The future of business is being written in Asia – will you be ready to lead it?

The future of business is being written in Asia – will you be ready to lead it?

by Newsdesk
Thu 7 Aug 2025 at 16:19

Asia is entering a new era of economic leadership, now accounting for 31% of global GDP and hosting 55% of the world’s listed companies, with a remarkable market capitalization of US$34 trillion. Notably, Southeast Asia is projected to grow at...

Rising tide

Byron Yip to depart as Okada Manila President and COO, replaced by Universal’s Nobuki Sato

by Ben Blaschke
Thu 7 Aug 2025 at 13:25

Byron Yip will step down as President and COO of Okada Manila operator Tiger Resort, Leisure and Entertainment, Inc (TRLEI) after seven years in the job, to be replaced by parent company Universal Entertainment Corp’s Nobuki Sato, the company has...

Bloomberry boss Razon reveals major concerns over Japan’s lack of IR clarity

Enrique Razon Jr named second richest person in Philippines as gaming names dominate Forbes 2025 list

by Newsdesk
Thu 7 Aug 2025 at 12:25

Bloomberry Resorts Corp founder Enrique Razon Jr has retained his position as the second richest person in the Philippines in 2025, according to Forbes, with his fortune climbing further over the past year to an estimated US$11.5 billion. Razon, whose...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English