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Australia’s second-largest casino operator, Star Entertainment, has confirmed a debt refinancing proposal worth up to A$940 million ($590 million) from investment firm Salter Brothers. The move aims to ease Star’s financial burden after an extended industry downturn.
Salter Brothers, known for investments in real estate, hotels, and childcare centers, could provide crucial liquidity to help Star manage its debt. The proposal intensifies competition among potential financiers offering high-interest loans or equity stakes. Notably, U.S. casino giant Bally’s Corp recently made a refinancing bid that could secure a 50.1% stake in Star.
Star had earlier acknowledged a refinancing offer without naming the bidder. On Tuesday, the company disclosed Salter Brothers as the party involved and confirmed an exclusivity agreement with them. Star has not provided further details on the deal.
The Australian casino sector has struggled due to regulatory probes, pandemic-induced lockdowns, and rising debt costs. Star’s financial troubles led to a suspension of its stock trading last week after it failed to finalize half-year accounts by the February deadline. The board cited concerns over the company’s ability to meet near-term liabilities.
In an effort to raise funds, Star recently agreed to sell its 50% stake in Brisbane’s newly opened casino to Hong Kong’s Far East Consortium International and Chow Tai Fook Enterprises for A$53 million. The sale comes despite reports valuing the casino project at A$3.6 billion.
With financial uncertainty looming, the competition between potential lenders like Salter Brothers and Bally’s Corp could determine the future of Star Entertainment.
