Star Entertainment’s banks are pushing back against the casino operator’s pleas for more short-term debt, arguing any new loan should be matched by government concessions and increased security over assets including properties.
Sources with direct knowledge of discussions, speaking on condition of anonymity, said the secured lenders, owed $450 million, were shocked to be told of new cost blowouts at Star’s Queen’s Wharf Brisbane casino, and management’s inability to foresee them.
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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
