If the integrated resort operator does not release its results for the first half of the 2025 financial year today, it will be suspended from the stock exchange when it opens on Monday.
This morning The Star released a statement to the ASX saying it was awaiting proposals.
“The Star Entertainment Group…confirms that the company is continuing to explore possible liquidity solutions that might materially increase the Group’s liquidity position, and anticipates that it will receive one or more liquidity proposals during the course of today,” the statement read.
“It is likely that the 1HFY25 report will only be able to be finalised if the company has received liquidity proposals which, after appropriate consideration by the directors, are sufficiently capable of being progressed to finalisation in the context of determining whether the company can continue as a going concern.”
The Star controls significant hotel inventory and event space in Sydney, Brisbane and the Gold Coast and employs thousands of people.
As of the close of trading on the Australian share market on Friday afternoon, The Star had not released its results nor issued any further statements.
The business has been warning of existential cash issues since January, after several difficult years of regulatory issues alongside timeline blowouts to the opening of the $3.6 billion Queen’s Wharf development in Brisbane, which is now part way through a staged opening.
The Star announced the sale of its Event Centre in Sydney to Foundation Theatres in January, with the $60 million deal expected to be complete by the end of February.
Over the course of this month, The Star said it was considering proposals to sell its 50 per cent share in Queen’s Wharf to its co-investors, Chow Tai Fook Enterprises and Far East Consortium, who own equal parts of the remainder of the precinct. On February 17, The Star also said it was considering a $650 million loan proposal from Oaktree Capital Management.
In its statement this morning, The Star acknowledged it would be suspended from the stock market from Monday until it released its results, if it did not do so today.
