• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Thursday 5 June 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
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
No Result
View All Result
IAG
No Result
View All Result

Last hurrah? Oaktree Capital looking to buy out Star Entertainment Group’s debt

Ben Blaschke by Ben Blaschke
Mon 17 Feb 2025 at 07:37
Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again
60
SHARES
1.5k
VIEWS
Print Friendly, PDF & Email

US debt management firm Oaktree Capital Management is looming as a potential last-minute savior for troubled Australian casino operator Star Entertainment Group after putting forward a debt financing proposal to lenders.

Star revealed in a Monday morning ASX filing that the proposal from funds associated with Oaktree – which previously expressed interest in cutting a deal with Crown Resorts before Blackstone’s acquisition in 2022 – includes a commitment letter and term sheet which set out terms upon which Oaktree would be willing to provide a total of AU$650 million in two debt facilities with a term of five years.

Although the proposal is subject to numerous conditions, it is not conditional on Star raising subordinated capital nor any waiver or deferral of tax payable to state governments, the company explained.

In its filing, Star said conditions include a comprehensive security package and intercreditor documentation which requires consents from New South Wales and Queensland Governments and regulators, completion of due diligence in relation to specified matters, that the existing lenders enter a settlement and or refinancing agreement on terms satisfactory to Oaktree, the execution of long-form financing documentation and more.

The company also warned that, even if the proposal is accepted and proceeds, it will still require additional funding for the period prior to the proposal being implemented.

“The Group continues to explore possible liquidity solutions,” Star said.

“While discussions continue with respect to a range of different solutions, there is no certainty that any of these discussions or negotiations will result in one or more definitive arrangements that might materially increase the group’s liquidity position.

“In the absence of one or more of those arrangements, there remains material uncertainty as to the group’s ability to continue as a going concern.”

Star revealed last month that it was close running out of cash after burning through a large chunk of the AU$100 million debt facility it had drawn down in December, leaving just AU$79 million in available cash as of 31 December 2024.

RelatedPosts

Survey on Australia-China relations finds most Australians keen to encourage more Chinese tourism

Regulating the Game launches Call for Speakers for 2026 event in Sydney

Mon 2 Jun 2025 at 13:24
Queensland regulator looking into Townsville, Cairns casinos over unlicensed junket links: report

Australia’s financial crime watchdog sets sights on regional casinos The Ville and Mindil Beach

Sun 1 Jun 2025 at 09:33
Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth chair says higher R&D investment necessary to boost global market competitiveness

Thu 29 May 2025 at 05:49
A moral defense of gambling

A moral defense of gambling

Wed 28 May 2025 at 18:19
Load More
Tags: AustraliadebtOaktree Capital ManagementStar Entertainment Group
Share24Share4
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 – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

A spirit of social responsibility

Francis Lui: Galaxy to consider major renovation of Broadway Macau

by Pierce Chan
Thu 5 Jun 2025 at 12:10

Galaxy Entertainment Group (GEG) Chairman Francis Lui revealed that its Broadway property in Macau may require a comprehensive renovation in the long-term to increase the number of hotel rooms and help the company cope with the growth in tourist numbers....

Score Gaming: G2E Asia exhibitor presence and media campaign drives post-show momentum

Score Gaming: G2E Asia exhibitor presence and media campaign drives post-show momentum

by Newsdesk
Thu 5 Jun 2025 at 09:44

Following a successful run as an exhibitor at G2E Asia 2025 in Macau, Score Gaming is now wrapping up a powerful integrated campaign that combined live demonstrations, digital marketing and high-impact media exposure across the region. While the show itself...

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Thailand Entertainment Complex Roundtable at Grand Hyatt Erawan Bangkok is on today 

by Ben Blaschke
Thu 5 Jun 2025 at 06:09

The Thailand Entertainment Complex Roundtable (TECR) – a unique and important Asian industry event – is on today.  Taking place at the prestigious Grand Hyatt Erawan Bangkok, TECR will see leading international integrated resort operators Galaxy Entertainment Group, Melco Resorts...

Grand Korea Leisure’s June casino sales down 68% on 2019 levels

Grand Korea Leisure continues steady rise with casino revenues of US$22.4 million in May

by Newsdesk
Wed 4 Jun 2025 at 23:50

Foreigner-only casino operator Grand Korea Leisure reported casino revenue of KRW30.6 billion (US$22.4 million) in May, up 4.0% year-on-year but down 15.3% compared with April. GKL’s casino revenue comprised a 1.9% year-on-year increase in table revenue to KRW27.1 billion (US$19.8...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

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

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
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • English