The casino group is poised to write down assets and announce a major cost-cutting program when a report from the NSW regulator is expected to be released.
Star Entertainment is poised to write down assets and announce a major cost-cutting program as its new chief executive, Steve McCann, attempts to shore up the struggling casino’s financial position ahead of a release of a critical report into its conduct.
Star’s lenders have met with the company over concerns about the company’s long-term financial viability ahead of its annual results, also to be released on Friday. Star’s ability to properly fund its operations has been a focus for the Independent Casino Commission’s inquiry led by Mr Bell. One market source with knowledge of the matter said: “Clearly something needs to happen with the balance sheet and that is yet to be resolved.”Star has $450 million of debt, negotiated last September, which sits with lenders including Barclays, Westpac, Deutsche Bank, Macquarie, Perpetual, Soul Pattinson and Regal Partners.
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