The Sydney-based exchange issued the announcement on Monday morning after Star failed to publish its annual financial report by last Friday’s (31 August) due date. These issues led to the suspension of its half-year financial statements, a brief trading halt in February, and its shares being suspended from the ASX in March. At one point, the company reportedly had only AU$79 million in cash, enough to stay afloat for just one more week.
"As noted in the company’s recent ASX announcements, there remains material uncertainty as to the group’s ability to continue as a going concern," it said. This includes its major shareholder, pokies billionaire Bruce Mathieson, offering to buy its Gold Coast casino. The deal will give the company breathing room to find the funding needed to survive a massive cash crunch after Star lost the support of both its investors and lenders. Star Entertainment has managed to avoid financial collapse for now after signing a deal to sell its stake in Brisbane’s Queen’s Wharf casino to its two equity partners along with other assets.