A fresh injection of cash into the business would allow Star to secure its ongoing viability after a second probe into the company’s culture found it unsuitable to hold a casino licence. The Star Entertainment Group is chasing hundreds of millions of dollars in extra funding from investors as the embattled casino operator fights the clock to stave off financial collapse. Star faces years of financial losses and negative cash flow as its revenues are forecast to decline again this year and edge up only modestly the following year, while its costs continue to rise. The company faces further penalties, including fines from the money-laundering regulator AUSTRAC, which are expected to exceed $300 million. The move to cashless gaming in NSW, with Queensland to follow, is already eating into its lucrative poker machine revenue. Now the ASX has made that suspension involuntary as Star didn't manage to table its full-year financial report before the cut-off at the close of business on Friday.
Notification of ceasing to be a substantial shareholder – JPMorgan The Star Entertainment Group Limited is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney) and hayhat.net The Star Gold Coast (Gold Coast). The Company’s segments include Sydney, Gold Coast, and The Star Brisbane. The Sydney segment consists of The Star Sydney's casino operations, including hotels, restaurants, bars and other entertainment facilities.