The Star Entertainment Group has announced that Salter Brothers Capital has withdrawn its AU$940 million refinancing proposal, intensifying concerns over the company’s financial health.
In a filing with the Australian Securities Exchange, The Star explained that despite in-depth discussions with Salter Brothers, regulators, and state authorities, no formal debt agreement was secured. The company cited unworkable lender conditions, such as demands for enforcement rights over non-gaming assets, as a key reason the deal could not proceed.
The refinancing plan was originally aimed at easing the company’s existing debt load. With the proposal off the table, The Star has still not been able to submit its half-year financial results for the period ending 31 December 2024.
Although this offer has fallen through, The Star confirmed it is still in ongoing discussions with Bally’s Corporation regarding a separate proposal made in March, which may provide much-needed liquidity in the months ahead.
The company, which operates casinos in Sydney, Brisbane, and the Gold Coast, is also selling its 50% interest in the Queen’s Wharf Brisbane development to international investors – a move that supports its broader strategy to stabilize its finances.
The Star added that it continues to evaluate other options to meet its short- and medium-term funding needs.
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