Beleaguered casino group Star Entertainment has barely enough cash to last until Friday and could be under administration as early as Wednesday.
Insiders, who spoke on condition of anonymity, have told the ABC that Star’s directors have become increasingly nervous about keeping the ailing gaming group afloat in the absence of any debt refinancing or recapitalisation of the company.
They have refused to sign off on the accounts, which has put the group in breach of its financial reporting obligations, preventing it from resuming trade on the Australian Securities Exchange.
Insolvency group FTI has been briefed to assume management control of the company. But if a sale of the assets has proved problematic, an administration could be just as complex.
The NSW government owns the property upon which the flagship sydney casino, adjoining hotel and theatre are built, thereby giving it security over those assets.
But most of…
