Star Entertainment delays half yearly results, enters into trading halt

The embattled Star Entertainment Group has failed to lodge its half-yearly results with the ASX.

The embattled Star Entertainment has entered a trading halt after the casino operator failed to register its half-yearly results with the ASX.

The ASX announced on Friday that trading of Star shares would be temporarily paused pending further announcement

The trading halt comes at a time when the business is struggling for short-term cash.

Star has failed to lodge its results with the ASX. Picture: NewsWire / Glenn Campbell

In a statement to the ASX the company confirmed it missed its half yearly results which were due on Friday.

“It is likely that the 1HFY25 Report will only be able to be finalised if the

company has received liquidity proposals which, after appropriate consideration by the Directors, are sufficiently capable of being progressed to finalisation in the context of determining whether the Company can continue as a going concern,” Star Entertainment said.

“Shareholders should note that if the 1HFY25 Report is not lodged later today as required by the ASX Listing Rules, then the Company’s shares will be automatically suspended from trading from Monday, 3 March 2025. Such a suspension would continue until the 1HFY25 Report is lodged and the ASX determines that the Company’s shares should be reinstated to quotation.”

In an updated statement to the ASX on January 20, Star Entertainment said “there remains material uncertainty” over its ability to continue as a going concern as revenue slumped to $299m in the December quarter.

The company said at the time it was burning through about $50m per month and only had about $79m in the bank.

According to the casino operator, 9000 hospitality jobs at its casinos in Sydney, Brisbane and the Gold Coast are on the line if Star Entertainment goes under.

Morningstar analyst Angus Hewitt said at the time the embattled corporation could collapse by the end of February if it continued burning through cash at the same rate.

“We now incorporate a 50 per cent probability that Star falls into administration,” he said

When asking the state governments for help, Star Entertainment pointed out a financial collapse of the company would throw thousands of people out of work and impact the tourism industry.

The embattled casino operator is unlikely to get support from the NSW government. Picture: NewsWire / Glenn Campbell

NSW Premier Chris Minns has refused to offer any support for Star Entertainment, saying the state doesn’t have the money to help casinos.

“I’ve said all I’m going to say about it,” he told reporters previously.

“We don’t have any (more assistance). We did sit down with Star over a year ago and work out a rescue package.

Queensland Premier David Crisafulli did not rule out help for the casino operator but said he would like to strike a “good deal” for Queensland taxpayers and the casino’s 6000 state workers.

Mr Crisafulli, who since coming to office in October has repeatedly insisted Star’s reported financial troubles was a matter for the company, previously said the state would come to the negotiating table.

Originally published as Star Entertainment delays half yearly results, enters into trading halt