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Star Entertainment Completes Retail Offer and Equity Raising

Posted on March 22, 2023 | 9:45 am

Star Entertainment, the under-fire Australian owner and operator of land-based casinos, has announced the completion of its equity raising effort with a total amount raised of 800 million Australian dollars.

The company’s recently-announced entitlement offer managed to generate 203 million Australian dollars from its retail portion, while the Placement and Institutional Entitlement Offer brought in the remaining 597 million Australian dollars.

The Australian casino operator made the announcement through a filing in which it underlined that the retail entitlement offer saw “strong support”, gathering over 10,000 applications for a total amount of 107 million Australian dollars. The retail entitlement offer led to the issuance of nearly 170 million new shares which began trading on the Australian Securities Exchange.

Robbie Cooke, the Chief Executive Officer of Star Entertainment, explained that “the capital structure initiatives announced on 23 February 2023, including the Placement and Entitlement Offer, will provide The Star with a strengthened balance sheet to deliver on its key strategic priorities and to meet the capital requirements provisioned for”.

The casino operator is under intense pressure as it lost over 1 billion dollars during the first half of the fiscal year. That terrible result was mainly due to a non-cash impairment of the group’s Sydney assets worth no less than 988 million Australian dollars, resulting from costs and penalties associated with the company’s regulatory difficulties.

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Meanwhile In Queensland…

Star Entertainment, which operates the Brisbane Treasury Casino and Star Gold Coast in Queensland, has pleaded guilty to seven charges of breaching Queensland’s Casino Control Act by allowing players to purchase gaming chips with a credit card, according to an announcement made by the state government.

The charges came after the operator was found unsuitable to hold a casino license in Queensland but was given a two-year probation period to turn things around and return to suitability.

The sentence in this trial will be given on 2 June 2023, according to an announcement made by Shannon Fentiman, the Attorney-General of Queensland. The company has already been slapped with a fine worth 100 million Australian dollars by the Queensland government for failures regarding its safe gambling procedures and anti money laundering regulations.

In addition to the two casinos it already operates in the state, Star Entertainment plans to open a new venue in Queensland by the end of this year, Queen’s Wharf Brisbane, a development worth 3.6 billion Australian dollars.

SOURCE“The Star completes $531 million retail offer and equity raising“Asia Gaming Brief. March 17, 2023.

“Star Entertainment Group enters guilty plea on charge of letting players purchase chips with credit cards“Inside Asian Gaming. March 21, 2023.

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