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8 stories mentioning ASX:SGRUpdated 17d ago

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Asia

Star Entertainment Group Narrows Fiscal Q4 Loss Before Interest, Taxes, Depreciation, Amortization

Star Entertainment Group (ASX:SGR) reported a fiscal fourth-quarter loss before interest, taxes, depreciation, and amortization of AU$8 million, narrowing from a loss of AU$27 million in the year-ago period, according to an Australian bourse filing on July 24 after market hours.The company's revenue for the June quarter was AU$265 million, down from AU$270 million a year earlier, per the filing.The results reflect stabilized trading at Star Sydney casino and hotel even though trading levels remain at historical lows, stronger volumes on the Gold Coast, and a lower operator fee for the Star Brisbane property, the company said.Additionally, Star Entertainment's ability to continue as a going concern remains subject to the outcome of "a limited number of material uncertainties," it said after detailing relevant matters in fiscal first-half financial statements released in February.The company reported AU$267 million of cash as of June 30. It ended March with available cash of AU$90 million, an earlier fling showed.

ASX:SGR
Asia

Update: Star Entertainment Group Says Sydney Casino Fined AU$10 Million by New South Wales Regulator; Shares Rise 3%

(Updates with the stock movement in the headline and the last paragraph)Star Entertainment Group (ASX:SGR) said its Sydney casino was fined a total of AU$10 million by the New South Wales Independent Casino Commission (NICC) over multiple compliance breaches and must set aside a further AU$5 million to strengthen financial crime risk management technology, according to an Australian bourse filing on Monday after market hours.The penalties comprise AU$1.5 million for allowing patrons to gamble beyond permitted time limits, AU$3 million for enabling the conversion of casino reward points into cash, AU$500,000 for failing to prevent an excluded patron from entering the casino on nine occasions, and AU$5 million for widespread shortcomings in financial crime risk management, per the filing.The NICC acknowledged major improvements under the company's new leadership and technology upgrades but said the penalties reflect the serious breaches that exposed customers to gambling harm and increased the risk of criminal infiltration, the filing added.The company's shares climbed 3% in recent Tuesday trade.

ASX:SGR
Asia

ASX Preview: Australian Shares Set to Fall After Oil Jumps on Iran-US Tensions; Atlas Arteria Continues to Reject IFM Global's Takeover Proposal

Australian shares are poised to fall on Tuesday after oil prices jumped more than 4% on escalating Middle East tensions, including reports that Iran has halted indirect talks with the US and threats to disrupt shipping through the Strait of Hormuz.Sentiment was also dented by the escalating Israel-Lebanon conflict, as Israeli forces advanced deeper into Lebanon in their ongoing operations against Hezbollah.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.3%, 0.4%, and 0.1%, respectively.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence rose 2.7 points to 68.8 in the week of May 25 to May 31, ANZ reported Tuesday.Australia's balance of payments and international investment position, building approvals, business indicators, and mineral and petroleum exploration reports are due at 11:30 am Sydney time.In corporate news, Atlas Arteria (ASX:ALX) issued a supplementary target statement that continues to recommend the rejection of a takeover bid by IFM Global Infrastructure Fund.Star Entertainment Group (ASX:SGR) secured a $390 million senior secured financing facility from WhiteHawk Capital Partners, strengthening liquidity and refinancing existing debt amid ongoing operational and financial pressures.Australia's benchmark index edged down 0.03% or 2.3 points to close at 8,729.40 on Monday.

ASX 200ASX:ALXASX:SGR
Asia

Star Entertainment Group Secures $390 Million Senior Secured Financing From WhiteHawk Capital Partners

Star Entertainment Group (ASX:SGR) secured a $390 million senior secured financing facility from WhiteHawk Capital Partners, strengthening liquidity and refinancing existing debt amid ongoing operational and financial pressures, according to a Tuesday statement from WhiteHawk.The company recently secured AU$300 million in equity funding from Bally's Corporation and Investment Holdings.

ASX:SGR
Asia

Star Entertainment Group Says Sydney Casino Fined AU$10 Million by New South Wales Regulator

Star Entertainment Group (ASX:SGR) said its Sydney casino was fined a total of AU$10 million by the New South Wales Independent Casino Commission (NICC) over multiple compliance breaches and must set aside a further AU$5 million to strengthen financial crime risk management technology, according to an Australian bourse filing on Monday after market hours.The penalties comprise AU$1.5 million for allowing patrons to gamble beyond permitted time limits, AU$3 million for enabling the conversion of casino reward points into cash, AU$500,000 for failing to prevent an excluded patron from entering the casino on nine occasions, and AU$5 million for widespread shortcomings in financial crime risk management, per the filing.The NICC acknowledged major improvements under the company's new leadership and technology upgrades but said the penalties reflect the serious breaches that exposed customers to gambling harm and increased the risk of criminal infiltration, the filing added.

ASX:SGR
Asia

The Star Entertainment Updates on Remediation Plan Progress, Casino License Reinstatement Pending

The Star Entertainment (ASX:SGR) said it is continuing to deliver and embed the key elements of its remediation plan, with workstreams including the decentralization of its operating model and technology enhancements to shape safer gambling behaviors, according to a Thursday Australian bourse filing.The company said the decentralisation is designed to promote greater accountability and efficiency at the property level, while the technology enhancements aim to ensure appropriate ongoing monitoring.The reinstatement of The Star Sydney's casino license and withdrawal of the deferred suspension of The Star Gold Coast's casino license remain subject to ongoing discussions with the respective regulators, with an update expected later in the year, the filing added.The company's shares fell 3% on market close.

ASX:SGR
Asia

Star Entertainment Signs Binding Facility Agreement With WhiteHawk Capital Partners; Shares Down 4%

Star Entertainment Group (ASX:SGR) said it has entered into a binding credit facility agreement with funds associated with WhiteHawk Capital Partners to refinance its debt, following a binding commitment letter disclosed on March 30, according to a Thursday Australian bourse filing.The company said following completion of the refinancing, and net of the interest reserve account required to be funded under the facility, the group will have additional liquidity of about AU$130 million to support ongoing operational needs and the execution of its cost-out and strategic initiatives, the filing added.Completion of the refinancing is expected to occur on Thursday, replacing the group's previous AU$400 million syndicated facility agreement, the filing said. The conditions of the waiver given by the group's previous senior lenders on Feb. 27 will be satisfied upon completion.The company's shares fell past 4% in recent Thursday trade.

ASX:SGR
Asia

Star Entertainment Group Says Fiscal Q3 Revenue Falls 1%; Shares Down 3%

Star Entertainment Group (ASX:SGR) reported a fiscal third quarter revenue of AU$266 million, down from AU$268 million a year earlier, according to a Tuesday Australian bourse filing.The company also reported earnings before interest, taxes, depreciation, and amortization (EBITDA) loss of AU$1 million, before significant items, which was a 96% reduction on the the prior-year EBITDA loss of AU$24 million.The result for the three months ended March 31 reflects a seasonal softening in revenues and reduced levels of gaming visitation in Sydney, the company said. Its ability to continue as a going concern remains dependent on the outcome of numerous material uncertainties, some of which are interdependent and outside its control, it added.The company's shares were down nearly 3% in recent Tuesday trade.

ASX:SGR

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