Star Entertainment’s chief executive Steve McCann is trying to secure more than $100 million in short-term funding, a move that would allow the casino group to survive until May and give it time to land a longer-term rescue deal.
People with knowledge of the matter who were not authorised to speak publicly said McCann was trying to get access to $60 million from the sale of Star’s Sydney events centre last month which is currently being held in escrow, and a bridge loan from an unidentified third party.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
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
Paul Karp is The Australian Financial Review’s NSW political correspondent.
