Star confirms lender terms deemed unacceptable
Unaudited FY25 accounts to be lodged amid lender standoff.
Key points:
– Star Entertainment disputes waiver terms as account submission deadline looms
– Unaudited accounts for period ending 30 June 2025 to be submitted
– Discussions ongoing with lender group for future covenant waivers
The Star Entertainment Group has issued a formal response to recent media reports, clarifying its position regarding lender negotiations and financial reporting obligations.
In a statement released on 26 August, the company addressed concerns raised about delays in lodging its full-year accounts and ongoing tension with lenders under its Senior Facility Agreement (SFA).
The casino operator acknowledged that it remains engaged in discussions with its lending group over potential covenant waivers for 30 September and 31 December 2025.
According to the company, the waiver terms proposed by lenders were not acceptable to the board. The Star maintained that it continues to rely on lender support but emphasised that the terms offered in exchange for the waivers do not align with its financial and operational objectives.
Good to know: The Star has confirmed it will submit unaudited accounts for the financial year ended 30 June 2025 on Friday 29 August, with audited accounts targeted for release by 30 September 2025
The company did not confirm speculation that lenders had rejected a 1% waiver fee proposal. Nor did it comment on suggestions that lenders were seeking more significant security against assets tied to recent capital injections from Bally’s Corporation and the Mathieson family.
Despite recent asset sales and a capital raise, Star remains under close scrutiny as it works to stabilise its financial footing following cost blowouts and ongoing regulatory pressures. Its executive team is expected to continue seeking refinancing options or alternative arrangements should the waiver discussions reach a standstill.
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