Top Casino Games Type
Top Game Providers
Latest Casino News
Latest Casino Promotions
Star Casino news has reported a trading halt for Star Entertainment Group Ltd (ASX: SGR) shares. This pause in trading is a result of the company’s significant financial adjustments and strategic efforts towards capital restructuring.
The Star Entertainment Group Ltd (ASX: SGR) has initiated a trading halt as part of its crucial capital restructuring measures. Trading will remain suspended until the company unveils detailed capital structure initiatives or resumes regular trading on September 27, 2023.
A central pillar of their financial strategy is a substantial capital-raising effort amounting to $750 million, led by Barrenjoey. This initiative aims to retire existing debts and propel ambitious projects like Queen’s Wharf in Brisbane. The company recognizes the importance of refinancing and implementing pivotal initiatives to establish a robust foundation for future success.
Despite the temporary trading pause, The Star Entertainment Group Ltd (ASX: SGR) achieved remarkable financial results for FY23. Notably, they recorded a significant 35% increase in normalized EBITDA. However, the company did face substantial challenges resulting in a loss in statutory net profit. These challenges encompassed factors such as an impairment charge for The Star Sydney, legal costs, debt restructuring, and redundancy expenses. Overall, The Star Entertainment Group experienced a notable loss in its recent full-year results primarily due to the devaluation of its casinos.
It’s noteworthy that The Star Entertainment has witnessed substantial declines in its share price in recent times, with a 69% drop over the past year and an 84% decrease over the last five years. These turbulent trends reflect the challenges and transformative changes that the company is currently navigating. Additionally, Star Casino is awaiting the outcome of an AUSTRAC fine related to money laundering within their casinos.
Star Entertainment, a widely recognized Australian casino operator, is embarking on a significant financial endeavor with a carefully planned strategy to raise an impressive $481 million.
In addition to raising capital, Star Entertainment is implementing a strategic plan for capital restructuring. As part of this plan, they are offering equity at A60c per share, representing a 20% discount compared to the previous Friday’s closing price of A75.
The trading halt for Star Entertainment Group Ltd (ASX: SGR) shares is a result of the company’s efforts towards capital restructuring and significant financial adjustments. This strategic pause aims to pave the way for a stronger financial foundation, including a substantial capital-raising initiative and debt management. Despite challenges and share price declines, the company is focused on its transformative journey and future success
Sign up to our newsletter and receive regular updates about sizzling no deposit bonuses and other hot promotions for Australian players.
We hate spam too! Know you can unsubscribe at any time.
By subscribing you are certifying that you are over the age of 18 years
Your message has been successfully sent
we will get back to you with a reply very soon to this email