BUSINESS NEWSWIRE • CITY OF SYDNEY NEWS

Casino operator Star Entertainment firm strikes deal to avoid liquidity crunch

10 March 2025

by Aksel Ritenis

Written by Aksel Ritenis

Casino operator Star Entertainment firm strikes deal to avoid liquidity crunch

Sydney, Australiaaustraliagamblingstar

RECASTS, UPDATES with deal announcement

Australian casino operator Star Entertainment said Friday it has reached an agreement to sell its stake in a major resort in return for a cash lifeline to stay afloat.Shares in the group, which employs more than 8,000 people, have been suspended from trading since March 3 after it failed to post half-year financial results citing liquidity woes.

Star’s business — including casinos, bars, restaurants and hotels at resorts in Sydney, Brisbane and the Gold Coast — has been hovering close to entering administration.The firm said Friday evening it had reached a binding heads of agreement with two Hong Kong-based joint venture partners — Chow Tai Fook and Far East Consortium — to get much-needed liquidity.Under the deal, Star will relinquish its 50-percent stake in the Brisbane casino resort to its partners while gaining full ownership of the Gold Coast operations, it said in a statement to the Australian Securities Exchange.The deal provided the troubled group with an upfront cash payment of Aus$53 million (US$33 million), with Aus$35 million of that already received Friday.

“The Star intends to use these proceeds for short-term liquidity purposes as it seeks to implement other liquidity initiatives,” the company said.

The agreement was subject to various conditions including gaining regulatory approval.

Star said it had separately signed a financing commitment for a bridge facility of Aus$250 million with investment firm King Street Capital, and it was also negotiating a larger debt refinancing proposal with a potential lender.

The casino firm last traded at Aus$0.11 a share with a market capitalisation of Aus$316 million — a far cry from its Aus$5 billion-plus value of seven years ago.

Its finances were squeezed by the cost of developing the Brisbane resort, the threat of an anti-money laundering fine, and stricter regulation in the industry, according to the Australian Financial Review.

The company has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business.

bur-djw/sft/dhw

Share on Facebook

Post on X

Save

About the author

Aksel Ritenis

Publisher and Custodian of the Sydney Times

View all posts

Sydney Times Follow

The Sydney Times is a leading source of Breaking News, Lifestyle, Entertainment, Sports, Politics, and more for Sydney, NSW and the world-The Voice of Sydney!

Retweet on Twitter Sydney Times Retweeted

NSW TrainLink North @trainlinknorth ·

1 Jul

⚠ #CentralCoastNewcastleLine Limited buses are replacing trains between Wyong and Fassifern due overhead wiring repairs at Dora Creek.

Delay any non essential travel if possible or consider using other transport.

If you must travel please allow plenty of extra travel time.

Reply on Twitter 1939942524442833286 Retweet on Twitter 1939942524442833286 2 Like on Twitter 1939942524442833286 3 X 1939942524442833286

Retweet on Twitter Sydney Times Retweeted

Sydney Trains & NSW TrainLink Info @trainsinfo ·

30 Jun

⚠ Severe weather is predicted to impact the east coast of NSW tomorrow. 🌩️

If you're travelling on Sydney Trains or NSW TrainLink services, please ensure you take additional care on your journey.

Visit @BOM_NSW or http://www.bom.gov.au for the latest details and current…

Reply on Twitter 1939567803217871354 Retweet on Twitter 1939567803217871354 17 Like on Twitter 1939567803217871354 25 X 1939567803217871354

Sydney Times @sydneytimes ·

23 Jun

Exhilarating Wines of Western Australia Trade Tasting and Masterclass in Sydney https://www.connoisseurmagazine.co.uk/2025/06/23/exhilarating-wines-of-western-australia-trade-tasting-and-masterclass-in-sydney/ via @Connoisseur Magazine

Reply on Twitter 1937117782015177173 Retweet on Twitter 1937117782015177173 Like on Twitter 1937117782015177173 X 1937117782015177173

Sydney Times @sydneytimes ·

23 Jun

Up Close and Personal with CARNIVAL SPLENDOUR moored at the Sydney Overseas terminalSydney Times Launches a 10 year Anniversary Video Competition "Best Sydney Video" To enter send your Video Clip to editor.sydneytimes@gmail.com and go in the Draw to wine a Basket of Hunter Wines

Reply on Twitter 1936947645718876205 Retweet on Twitter 1936947645718876205 Like on Twitter 1936947645718876205 X 1936947645718876205

Retweet on Twitter Sydney Times Retweeted

Dean Blundell🇨🇦 @itsdeanblundell ·

29 May

🇨🇦 THREAD: Canada Just Declared Independence from Trump’s Military Grift.

And it’s sending shockwaves through U.S. military and MAGA circles.

Mark Carney’s message to Trump:
“We don’t need a damn thing from the United States.”
1/

Reply on Twitter 1928127089015697831 Retweet on Twitter 1928127089015697831 7799 Like on Twitter 1928127089015697831 39104 X 1928127089015697831

Sydney TIMES Facebook Posts

Sydney Times

1 month ago

More than 4,000 personnel on the ground as clean up and road repairs continue in flood impacted communities

Published:28 May 2025More than 4,000 people representing NSW Government agencies are on-the-ground across the Hunter and Mid North Coast completing rapid impact assessments, coordinating a clean-up blitz, repairing roads and undertaking other recovery work.Workers and volunteers from across the NSW Government, interstate and overseas are on the ground in impacted communities, and teams continue to be deployed to assist with early recovery.The NSW Government teams include 2,220 State Emergency Service volunteers assisting with recovery efforts, with 350 people supporting from the Rural Fire Service, and around 250 people from Fire and Rescue NSW.There are also 650 staff and contractors from Transport for NSW, working across the road and transport network to restore access to roads.Crews have already removed more than 1,500 tonnes of debris from the state road network. So far around 5,500 pothole repairs have been completed including on major roads like the Pacific, Oxley, Gwydir and New England Highways. ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

2 months ago

It's Festival week-Sydney Writers Festival!

Sydney 19 May,2025It's officially Festival week! The stages are set, books are stacked and over 300 writers are ready for a week of wide-ranging conversations, debates and stories to bring us together.From exclusive merch and rush tickets to all-important logistics, below you'll find essential information for your trip to the Festival.There's a host of events taking place at Carriageworks and across Sydney this week. Reconsider the legacy of Shakespeare's female characters with Harriet Walter or ponder the intersection of AI and creativity with the inimitable Jeanette Winterson and academic Toby Walsh. Plus, there's the chance to experience an evening with Jeanette and mark 40 years since she burst onto the literary scene.Join us at the State Library of NSW this Wednesday for a whole day of literary goodness, where you'll hear diverse discussions ranging from literary scandals, Latin gothic horror and the legacy of feminism in Australia.Keep reading to meet Festival authors, plan your Festival visit and explore a special curation of audio books!www.sydneytimes.net.au/arts-culture/its-festival-week-sydney-writer-festival/ ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

2 months ago

CALLS FOR INVESTIGATION ON STUDENT DATA BREACH BY MICROSOFT TEAMS

SYDNEY 18 MAY,2025The NSW Opposition is calling on the Minns Labor Government to launch an investigation after student data was collected by Microsoft Teams.According to reports, the voice and facial biometric data of school students was collected using the Teams video conferencing app in March, and the Department of Education was unaware of what was going on for a month before the feature was switched off in April."This is a complete breach of privacy and trust for every student and parent across NSW and the Minns Government needs to step in and get to the bottom of what happened here," Mrs Mitchell said."Not only do we not know how long the data was held, but we also have not been told what the data was used for while it existed."What's even more concerning is the fact that it appears there are parents out there who are not even aware this occurred - and that is simply not good enough."There are also reports the Education Department did not answer questions about the number of students and staff affected. ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

3 months ago

Early Voting -Voting before polling day

Hundreds of early voting centres will be open progressively across the country from Tuesday 22 April 2025 and will run up to and including Friday 2 May.Check the opening dates as not all early voting centres are open for the entire two-week early voting period.All early voting centres will be closed on Easter Monday, 21 April, and Anzac Day, Friday 25 April.Major political parties are stepping up campaigning ahead of pre-pollingOverseas voting centres are available during the early voting period, which is the two weeks leading up to polling day. Not all overseas voting centres will open for the full two-week period and the opening dates and times will vary.A list of overseas voting centres for the election are available on the AEC site These centres may provide in-person voting or accept your completed postal vote.If you’re overseas and unable to vote in-person or by postal vote, you should complete and submit an overseas notification form.It is not compulsory to vote if you are outside Australia. However, if you do not inform the AEC, we will write to you asking you to explain why you did not vote Check the opening days and times at the Australian embassy near you. Overseas voting services may be subject to change at short notice and are dependent on the local security environment.If you are unable to vote in person, you may apply for a postal vote.Some Australian embassies, consulates and high commissions require you to make an appointment to enter and/or request ID documents like a passport or driver’s licence. You may also be required to pass through security screening to enter the building.Once in the overseas voting centre, you do not need to provide ID documents to cast your vote.Many overseas voting centres will accept completed postal votes via local mail or in-person drop-off. The overseas voting centre will forward your postal vote via diplomatic mail to the AEC in Australia. This helps get your vote back to the AEC as soon as possible to meet the 13th day after election day deadline. ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

3 months ago

Everyone is invited to gather at the Cenotaph for the official NSW Anzac Day Dawn Service, a solemn occasion to commemorate the bravery and sacrifice of our servicemen and women in conflicts.

To mark the time at which the first Australians waded ashore Anzac Cove in 1915, the Dawn Service includes a reading of the Ode of Remembrance, Last Post bugle call, a minute's silence, and the laying of wreaths.Location: The Cenotaph in Martin Place, Sydney Time: From 4:20am General public viewing areas: Located in two sections, open from 3:00am:Section 1: Entry via George Street and Pitt Street. Seating available until capacity is reached. Standing areas also available.Section 2: Entry via Castlereagh Street. Standing areas available only.General public viewing areas will remain open until capacity is reached, and bag checks will be required upon entry to the site.Accessible Viewing AreasTwo designated accessible viewing areas will be available for people with disability/limited mobility and their guests at the following locations:Section 1: The Cenotaph in Martin Place (southern side). Entry is via George Street.Section 2: Screened area, between Pitt and Castlereagh Streets, Martin Place. Entry is via Castlereagh Street. ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

3 months ago

Matthew Mirosevich, Owner of ‘Catered by Matt’ set to be the luxury chef in the all-new TV series ‘Billion Dollar Playground’

Matthew Mirosevich, Owner of ‘Catered by Matt’, is set to be the luxury chef in the all-new TV series ‘Billion Dollar Playground’. Billion Dollar Playground is a bold new Australian reality series that follows a team of luxury service experts as they work to cater to the uber-wealthy clients of LUXICO.Matt is an incredibly talented chef, having worked in Australia’s leading restaurants for over six years, including the legendary three-hatted Quay Restaurant. He is also the owner of one of Sydney’s most premium catering companies, ‘Catered by Matt’. So, catering for the LUXICO experience is well within his capabilities. Matt says, “Beyond the TV show, this is what I do every day. I have a team of 8 incredibly talented chefs and waitstaff, and we cater to high-end events all the time. We do everything from long-duration stay, to canapé birthday parties, weddings, corporate events, and more.When asked why Matt does what he does, he said, “I love the idea of building a We were lucky enough to go out to the Catered by Matt HQ in Manly Vale and try a few of his favourite dishes. We had the delicious 36-hour slow-cooked beef short rib, with creamed potato and red wine jus. The Kingfish Tataki, and an amazing orange and chocolate mousse dessert.When asked what the vision was for the company, Matt said, “I want to build a reliable service that our clients love and trust. Typically, when our clients book with us, it is for a special occasion, whether it’s a birthday, wedding, or family gathering, and ensuring that we deliver an amazing experience is important to us”.Matt’s team caters to all of Sydney and the Central Coast, and seeing that they are in high demand, they do book out anywhere from 4-8 weeks in advance. We now have over 200 five-star reviews and get to cater for companies like Porsche, Ferrari, and Luxico, so I believe we have done well so far”.cateredbymatt.com/ ... See MoreSee Less

View on Facebook

View Comments

likes 1
Shares: 0
Comments: 0

Sydney Times

4 months ago

Emergency operations underway ahead of Tropical Cyclone Alfred

4 March 2025Released by: Minister for Emergency ServicesDeployments of additional crews from the NSW State Emergency Service (SES) have begun arriving in the Northern Rivers and Mid North Coast as the NSW Government ramps up preparations for the potential impact of Tropical Cyclone Alfred.The NSW SES is leading the response and working with other emergency services and government agencies to get ready for the cyclone which is expected to cross the Queensland coast later this week.The NSW SES will be able to draw from thousands of volunteers with support from flood rescue trained emergency service personnel across NSW Rural Fire Service, Fire and Rescue NSW, Surf Life Saving NSW, and Marine Rescue NSW. All are equipped with flood response and wider capabilities.Residents of the Northern Rivers and Mid North Coast should prepare for damaging winds, large surf, and heavy rainfall, with impacts of the cyclone forecast to be felt from as early as today (Tuesday). Low lying areas may be at risk of coastal erosion.From tomorrow (Wednesday) onwards predictions are for intense rain, which could lead to moderate and major flooding in many areas, with the potential to close roads, inundate properties and lead to evacuations.The NSW SES State Command Centre has been stood up in preparation for the severe weather. As well as additional personnel, the NSW SES is prepositioning communication equipment, aviation resources and specialised vehicles ahead of the forecasted impacts of the cyclone. The deployment to date includes two helicopters, two ‘Cells on Wheels’ (emergency service communication hubs), two high clearance vehicles, and a Wi-Fi connectivity trailer, along with back-up generators to support telecommunications towers. ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

5 months ago

Ongoing Rail industrial action in Sydney causing significant disruptions for commuters

Compiled by News Agreggator and Google GEMINI-Fact checking A.RitenisAccording to SBS News reports Sydney commuters should plan ahead and allow extra travel time today as the city's rail network faces disruptions due to ongoing industrial action.As of 5:00 am Monday, 197 Sydney Trains and NSW TrainLink drivers and guards had not reported for their shifts, resulting in 335 service cancellations, according to Transport for NSW.Numerous News Reports filed by assorted media emphasize the significant impact of the disruptions on commuters, who have faced repeated delays and cancellations due to the ongoing negotiations.The rail union and the NSW government are locked in a protracted pay dispute. The union initially sought a 32% increase over four years, while the government offered 15% (including mandated superannuation increases). The union's counter-offer of around 20% over three years was later withdrawn after legal challenges.Around one million people rely on the rail network daily, and they have experienced repeated disruptions due to the 10-month-long negotiation.The dispute was heard by the Fair Work Commission on sunday with no resolution.According to the NSW Opposition leader ,...Mark Speakman ,"the Minns Labor Government has lost the plot. The RTBU is running the show, the train network is in freefall,..... and commuters are being treated like collateral damage."In a media statement released late sunday the NSW Opposition Leader Mark Speakman challenged the Premier with the following taunt:"Premier - pick up the phone, call your ally Prime Minister Anthony Albanese, and admit what everyone in NSW already knows—you haven’t got a clue how to fix the mess you created by your unaffordable promises to union bosses before the election. Ask him to send in Murray Watt, the federal Workplace Relations Minister, and see if he has the spine to pull the handbrake on this rolling disaster." ... See MoreSee Less

View on Facebook

View Comments

likes 0
Shares: 0
Comments: 0

Sydney Times

6 months ago

Australia Day 2025 program for Sydney to Reflect, Respect and Celebrate with Live Concert

26 January 2025Finishing with a Live Concert at the Sydney Opera House Australia Day in Sydney 2025 will feature a range of free events and activities, catering to diverse interests and ages. The program includes:Australia Day Live Concert: Featuring iconic Australian band Dragon, Paulini, Ben Lee, and Sheppard, with a fireworks display. Free tickets available from 15 January.The Australia Day Live concert will also feature a performance by Sync or Swim, a band whose members have lived experience of disability.Cultural Sensitivity:Aboriginal advisors, creative directors, and cultural artists have been involved in shaping the program, ensuring respect for Aboriginal culture and heritage.Broadcast:The Australia Day Live concert will be broadcast live on ABC TV and ABC iview from 7.30pm for those unable to attend in person.The Australia Day Live concert will also feature a performance bySync or Swim, with all band members havinga lived experience of disability.Full accessibility and inclusion details are available at www.australiaday.com.au.Co-Creative Directorfor Australia Day LiveWilliam Bartonsaid:“The line-up this year is the best yet, featuring iconic Australian band Dragon, Paulini, Ben Leeand Sheppard.We look forward to seeing Circular Quay andthe Sydney Opera House forecourt come alive with tens of thousands joiningtogether, sharing the cultural landscape, enjoying this unforgettable Australia Day Live concert and epic fireworks display.”Australia Day Live’s free ticketed precinct will have capacity for thousands of attendees on the Sydney Opera House Forecourt and non-ticketed capacityi n the broader Circular Quay precinct for crowds of up to 55,000.For those who are unable to make it to Sydney Harbour on 26 January, the concert will be broadcast liveon ABC TV and ABC iviewfrom 7.30pm. ... See MoreSee Less

View on Facebook

View Comments

likes love 3
Shares: 1
Comments: 0

Sydney Times

6 months ago

Australia Day in Sydney 2025 –Event Program

Highlights26 January,2025Dawn Reflection -The day begins with the moving Dawn Reflection, as the sun rises on 26 January, the Sydney Opera House sails will be illuminated with a spectacular Aboriginal artwork, inviting Australians to reflect on our history and shared future. More details on the 2025 Dawn Reflection artist are coming soon.WugulOra Morning Ceremony –Communities come together for WugulOra (meaning ‘One Mob’) in Barangaroo Reserve. This moving ceremony symbolises how we can embrace each other, offering cleansing and healing for new beginnings and fresh inspiration for our future. Presented by official media partner, NITV.OzDay 10K,witness the world’s best wheelchair track and road athletes. Ferrython- An undeniable crowd favourite, 2025 will see vibrantly decorated ferries, each helmed by the state’s invaluable first responder agencies. Fire and Rescue NSW, NSW Police, Ambulance NSW and NSW State Emergency Service will all race across Sydney Harbour.Mega Kidz Zone, the Overseas Passenger Terminal will be transformed into a free interactive arcade for children of all ages. Midday Salute-The Royal Australian Air Force Roulettes will soar into the skies, delivering an impressive showcase of precision flying performing loops, rolls and high-G turns in an awe-inspiring display.Maritime Mayhem- Vessels of all shapes and sizes competeon the waters of Circular Quay, synchronised to a rockin’ soundtrack with beats that will make your heart race and feet tap.Australia Day Live- Featuring a fresh line-up of Australian talent including Sheppard, Ben Lee, Paulini, William Barton, Dragon, Sync or Swimand many, many more.Set against the spectacular Sydney Harbour, the Australia Day Live concert is a long-standing highlight of the 26 January celebrations. 2025 sees a revitalised format, featuring new voices and performances that celebrate the spirit of Australia.www.sydneytimes.net.au/sydney-life/australia-day-in-sydney-2025-event-program/ ... See MoreSee Less

View on Facebook

View Comments

likes love 3
Shares: 1
Comments: 0

The Custom Facebook Feed plugin

The Show brings the best of Australian agriculture to the city, showcasing top producers, cutting-edge technology, and unique exhibits from across the country. Learn about where your food and fibre come from and meet the farmers who produce them.

Sydney Times Follow

The Sydney Times is a leading source of Breaking News, Lifestyle, Entertainment, Sports, Politics, and more for Sydney, NSW and the world-The Voice of Sydney!

Retweet on Twitter Sydney Times Retweeted

NSW TrainLink North @trainlinknorth ·

1 Jul