Yesterday
Star tells lenders it has one week of cash as it teeters on the brink
The casino giant told investors it was unsure it could continue to trade and was working on “one or more liquidity” proposals in the hope of averting collapse.
Inside the Star circus, the proposals all come back to two things
The casino operator’s board has given CEO Steve McCann and its bankers long enough to find the required cash. It is time to deliver.
February
Star Entertainment’s board is struggling to sign off on its accounts
Failure to finalise its finances would put the casino operator’s ability to keep its shares trading in doubt and bring its financial predicament to a head.
PointsBet spars with spurned suitor BlueBet over funding and synergies
The ASX-listed bookmaker has agreed to sell itself to Japan’s Mixi, angering backers of its Matthew Tripp-run rival who claim it is leaving money on the table.
Major PointsBet investors back BlueBet over Mixi’s $353m takeover bid
The wagering group is the subject of two proposals. Its board has backed the Japanese entertainment giant’s buyout plans over one from its local rival.
Light & Wonder weighs sole ASX listing; Jarden to advise
If it pushes ahead, the listing could be a meaningful event for the ASX given Light & Wonder’s heft – capitalised at $US8.97 billion on the NASDAQ.
It’s Star Entertainment’s moment of truth and first up is the board
Star’s status should be clear by Friday, by when its board – already operating in safe harbour – would have put pen to paper on signing off on its status as a “going concern”.
US casinos group Bally’s Corporation joins Star Entertainment scramble
As the clock ticks on Star Entertainment’s future, a newcomer is taking a look at its casinos.
Tabcorp delivers profit jump as Gill McLachlan swings the axe
Higher revenues and lower costs have helped the wagering giant meet expectations for the first time since it demerged its lotteries business three years ago.
JPMorgan nabs $218m block trade in Aristocrat Leisure
More than 2.7 million shares in the gaming technology company traded hands at $79 per share.
James Packer’s casino charity deals in the elite
Attendees at the lunch included Albo, Dutton, Sarah Murdoch and Scott Farquhar, as Sydney’s movers and shakers celebrated some good old corporate philanthropy.
Light & Wonder in $1.05b acquisition; taps Jarden
The dual-listed gaming giant will cough up $850 million in cash upfront and pay out $200 million on a four-year revenue-based earn-out.
Bruce Mathieson made second secret bid for Star’s Gold Coast casino
The informal offer was made last month and included a significant amount of up-front cash to help the embattled company navigate its financial difficulties.
Fallen Star executive’s lawbreaking no match for his bonus
Good value can be a subjective term. For Greg Hawkins, $180,000 must seem like a steal.
Two stumbling blocks to Oaktree’s Star rescue
The US debt firm’s plan seems like Star’s last, best hope. But it won’t be easy to get past lenders or governments – and it won’t solve Star’s existential crisis.
Stake.com to quit Britain after Bonnie Blue video controversy
The Melbourne-run, Caribbean-registered online casino giant is the main sponsor of English Premier League club Everton but will leave the country next month.
Second former Star executive settles in midst of ASIC lawsuit
Greg Hawkins was the company’s chief casino officer and the court heard he agreed to a deal with a junket operator despite suspicions about its criminal links.
Mathieson tabled $550m bid for Star Gold Coast (and was rejected)
The billionaire publican is working separately from the distressed debt funds and Hong Kong-listed investors who have all made proposals as the company teeters.
Why the Star case has unnerved Australian boardrooms
“It’s a private company” is a big selling point for directors when headhunters call, and ASIC’s case against the embattled casino group is making many directors more nervous about public company boards.
Star suggested using yacht invoices to cover dodgy transactions: ASIC
The corporate regulator is alleging that concerns about Star’s practices were so widespread that banks and card providers had raised issues with executives.
ASIC claims Star directors ‘merely ornaments’ in flood of warnings
Lawyers acting for the corporate regulator alleged former directors and executives repeatedly ignored signs of money laundering at the company’s casinos.
Teetering Star Entertainment’s hiring drive beggars belief
For a company on the brink of financial collapse, the casino operator seems keen to increase its wages bill.
ASIC says Star’s former board was ‘blind to questions of probity’
The regulator is suing the casino operator’s former directors, alleging they did not take enough care when dealing with the risky world of high-rollers.
Star Entertainment mulls walking away from Brisbane casino ownership
Under one proposal to ease the casino group’s financial woes, two Hong Kong investors would assume control of the Queen’s Wharf complex and its debts.
Former Star CFO to have ASIC settlement heard before new judge
Harry Theodore agreed to settle claims made by the Australian Securities and Investments Commission that he breached his directors’ duties by misleading NAB about the use of China Union Pay cards.