Star Entertainment close to deal to sell casino and stay afloat

[Pelican Press 0]

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Star Entertainment close to deal to sell casino and stay afloat

Cash-strapped Star Entertainment is set to offload its Brisbane casino in a 11th-hour deal that will rescue it from financial collapse.

Media reports on Thursday said Chow **** Fook Enterprises and Far East Consortium were close to agreeing a $50 million loan that will keep the casino operator afloat.

Star’s shares have been suspended from trade on the *********** Securities Exchange after it failed to lodge its half-year results last Friday.

The company said it could not sign off on the accounts without a bailout from white knight investor to inject much-needed liquidity and warned it may not be able to remain a going concern.

The *********** Financial Review said the two Hong Kong-based companies, which are joint investors in Brisbane’s Queen’s Wharf precinct, are set to take control of Star’s casino there.

Star also has its flagship casino in Sydney — where it has already been forced to sell off sections of the complex to raise cash — and one on the Gold Coast.

More to come

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