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Star Entertainment announced that U.S.-based Oaktree Capital Management has offered to refinance A$650 million ($413 million) of its debt, providing a potential lifeline for the struggling Australian casino operator. Following the news, Star's shares surged 8.3% to A$0.13 in Sydney, though the stock has plummeted over 63% in 2024.
The Australian Financial Review reported that Oaktree approached Star's lender syndicate, including Westpac, Barclays, and Washington H Soul Pattinson, offering to acquire their debt at a discount. Star confirmed it is evaluating the offer but gave no guarantee of acceptance.
If accepted, Oaktree’s proposal would significantly dilute existing shareholders and establish Oaktree as a key investor. The casino operator has been grappling with severe financial strain, needing to raise A$150 million in subordinated debt to secure an additional A$100 million in borrowings.
Star and rival Crown Resorts, owned by Blackstone, have faced ongoing regulatory scrutiny, reduced tourism, and extended closures, compounding financial challenges. Investors have been cautioned about Star’s uncertain future, with Spatium Capital's Jesse Moors warning that the company's financial troubles could pose risks for any potential buyer.
Oaktree's proposal is contingent on several conditions, including regulatory approvals from New South Wales and Queensland, comprehensive security agreements, due diligence, and settlement terms with existing creditors. Oaktree is expected to adopt a tough negotiation stance, potentially leading to further dilution for current and new shareholders.
Star’s urgent need for capital underscores its precarious position in the Australian gaming industry, where prolonged adversity continues to challenge its operational viability.
