Star Entertainment remains on the brink of collapse after it was placed in a trading halt for the second time in as many business days, with almost 10,000 jobs at risk.
The embattled casino operator once again failed to post its half-yearly results before the markets opened this morning, leading the ASX to suspend trading on its shares.
In an update to the sharemarket before lunchtime, the Star said it wouldn’t be able to post the required report without a new funding deal that covered both refinancing all its debt, and injecting more money into the business.
“The company is unlikely to be in a position to lodge its (half-yearly) report unless, and until, it has secured a refinancing commitment that would enable the Star to refinance all of the group’s existing corporate debt, as well as to provide additional liquidity,” the statement to the ASX said.
“The company will continue to keep the market informed of material developments.
“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.”
The Star employs around about 9000 staff across its venues, including three casinos in Sydney, Brisbane and the Gold Coast.
Around half of those jobs are in Sydney, but the NSW government has ruled out providing any further lifelines to the casino operator.
Star Entertainment shares are currently worth 11 cents. At one point in early 2018, they were worth more than $5.40.