Star accounts reveal Bally’s is trying to catch a falling knife
The gaming group isn’t out of the woods. Its casinos are going backwards, it has problems with regulators, and it’s one fine away from needing to raise equity.
Star Entertainment has lodged the ugliest set of accounts you will see from an ASX300 company this year. There were hefty losses, writedowns, revenue going backwards, debt going up, dwindling cash reserves and near-term liabilities worth more than two times current assets.
There was an 850-word going concern notice listing 13 things that could still send Star broke, even after it was temporarily bailed out by Bally’s Corporation, and a warning from the auditor that it wasn’t out of the woods.
Loading...
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
