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SGR ASX: Star attempts to grow revenues after $300m loss in horror six months

Star has been in talks with the owners of the other half of Brisbane's Queen's Wharf development — Hong Kong investors Far East Consortium International and Chow Tai Fook Enterprises — since mid-February. Embattled casino group Star Entertainment will stay alive, for now, after securing a $53 million lifeline in return for selling its 50 per cent stake in the new Brisbane cashman casino top slots. The ASX 200 and the All Ordinaries index both ended Monday's session 1.8 per cent lower, wiping off about $50 billion in market value. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time.
The company’s chief executive, Steve McCann, needs to secure long-term financing from an unnamed party for King Johnnie KYC process the accounts to be signed off and for trade to resume. A deadline for the blow-up of a deal with the Bet365 Casino Tägliche Boni operator’s Hong Kong investors is approaching. Yesterday, there were media reports that Star was "on the brink" of inking a deal with its joint venture partners Chow Tai Fook and Far East Consortium, to buy its 50 per cent interest in the development. The falls this week have been driven by several factors, including US trade policy uncertainty at a time when fears of a looming US recession are rising. Locally, the falls have been exacerbated by more weakness in the big banks and worsened after BHP, RIO, South32, and energy giant Woodside all traded ex-dividend. "The horrific price action in the ASX200 has continued today, slipping below 8,000 for the first time in almost six months. Canstar analysis of RBA credit card statistics and positional advantage in online poker-house survey data shows that of those with credit card debt, the average amount owing is estimated to be $4,420.
"Star put out a notice to staff on Friday assuring staff that they'll be paid this week, but that's yet to be seen, obviously," Mr Jones told Radio National Breakfast. NSW and Queensland governments said on Friday their main concern was to ensure jobs were protected. The 2022 inquiry determined that The Star Sydney had failed to protect itself from being used by criminal gangs to launder money in private high-roller junket rooms. It has only very recently turned its attention to dealing with challenges that should have been prioritized earlier," NICC chief commissioner Philip Crawford said.
Globally, the 10 richest people are all men, and their wealth increased by more than $150 million a day on average. "We're asking people to decide how much they're going to draw on their superannuation each year, without knowing how long they're going to live," Grattan's Brendan Coates told ABC New Zealand casino bonuses Channel. The gold didn't enjoy much of a day with most miners in the red despite the gold price picking up in the afternoon session. The gains were largely across the board with 120 companies making gains, 72 losing ground and 8 going nowhere from Friday's close. The ASX 200 gained 0.5 per cent ahead of Donald Trump's inauguration ceremony on Tuesday morning. Start the day with a summary of the day’s most important and interesting stories, analysis and insights.
Star’s lawyers told the Federal Court last month that a fine of more than $100 million could trigger the group’s financial collapse. "The Star is continuing to engage with the joint venture partners and will provide an update if there are any material developments regarding the parties’ respective interests," it said. Star offered a glimmer of hope when it indicated that negotiations were continuing even though its joint venture partners had declined to extend the deal deadline to next week. The deal will give the company breathing room to find the funding needed to survive a massive cash crunch after Star lost the support of both its investors and lenders. The Far East Consortium said on Friday that it and Chow Tai Fook Enterprises will now take full control of the facility after paying $53 million for Star’s 50 per cent share. Star will also receive $5 million a month to run the RocketPlay casino rewards program, rising to $6 million a month as of next year. The group has been on the brink of collapse for months but staved off administrators by offloading its 50 per cent stake in a new Brisbane precinct and a $250 million short-term bridging loan.
Star Entertainment was suspended from trading by the ASX on Monday over its failure to lodge financial statements for the December half-year. Star Entertainment Group was delisted from the Australian Securities Exchange on Monday as the group faces scrutiny over a series of scandals related to criminal activity and unethical conduct at its casinos. "Any deal that promises to keep venues in Brisbane, the Gold Coast and Sydney operating as a going concern is a good result for the Star workers, their families and the communities they live in," the union’s casino director Andrew Jones said. "We’re always looking at everything within the best interest of the staff certainly our shareholders," Daniel Finch, CEO The Star Brisbane, said 7NEWS on Monday.