Australian casino firm scrambles for cash to survive / Photo: DAVID GRAY - AFP/File
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Australian casino firm scrambles for cash to survive
Troubled Australian casino operator Star Entertainment said Friday it is trying to sell its stake in a major resort to raise desperately needed cash.
Shares in the group, which employs more than 8,000 people, have been suspended from trading since March 3 after it failed to post half-year financial results citing liquidity woes.
Star Entertainment is considered an economically important tourist draw with casinos, bars, restaurants and hotels at resorts in Sydney, Brisbane and the Gold Coast.
The firm said Friday it has been in talks with two Hong Kong-based firms -- Chow Tai Fook and Far East Consortium -- which are partners in the joint venture that owns its Brisbane resort.
Star Entertainment was discussing selling its 50-percent stake in the Brisbane joint venture to the two partners -- so far in vain, it said.
"The Star has been unable to reach an agreement with its Joint Venture Partners to date," the casino group said in a statement.
The company is widely reported to be close to falling into administration, and it has admitted there is "material uncertainty" over its future.
The casino firm last traded at Aus$0.11 a share (US$0.07) with a market capitalisation of Aus$316 million -- a shadow of its Aus$5 billion-plus value from about seven years ago.
Its finances have been hit by the cost of developing the new Brisbane casino complex, the threat of an anti-money laundering fine and stricter regulation in the industry, according to the Australian Financial Review.
The company has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business.
Watchdogs found that one patron -- a Chinese real estate billionaire barred by the Australian government for being an agent of Chinese influence -- had ploughed more than a billion dollars into Star over several years.
Another high-rolling patron was allegedly involved in human trafficking.
The group was also temporarily delisted from the Australian Securities Exchange last year after failing to post its annual financial results on time.
Australians are infamously big gamblers, losing Aus$31.5 billion in the 2022-23 financial year, including Aus$3.6 billion in casinos, according to the latest government data.
H.E.Young--AMWN