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.
Discussions with its major investors, such as pokies billionaire Bruce Mathieson, continued deep into Sunday evening ahead of the expected release of Star Entertainment’s annual results on Monday.
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.
Mathieson, with an estimated wealth of $2.5 billion, is one of the investors to have backed Star’s previous rounds of capital raising last year, which netted close to $1.5 billion. The casino operator’s business is currently worth just $1.3 billion, based on the last trading price of its stock at 45 cents.
sydney licence is still in doubt. ” src=”https://static.ffx.io/images/$zoom_0.128%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/a71dddb45f637f3544c29cffa2597849aec36f28″ height=”390″ width=”584″ srcset=”https://static.ffx.io/images/$zoom_0.128%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_86%2Cf_auto/a71dddb45f637f3544c29cffa2597849aec36f28, https://static.ffx.io/images/$zoom_0.128%2C$multiply_1.545%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_0/t_crop_custom/q_62%2Cf_auto/a71dddb45f637f3544c29cffa2597849aec36f28 2x”/>Star Entertainment’s new chief executive Steve McCann is trying to financially stabilise the casino operator while the retention of its sydney licence is still in doubt. Credit: Dominic Lorrimer
Fund manager Perpetual has been another willing backer of Star Entertainment in recent months. Mathieson owns a 9.6 per cent stake but recently received regulatory…
