The Star Entertainment Group has rejected the terms proposed by its lenders for covenant waivers covering September 30 and December 31, 2025. The company stated that these conditions are “unacceptable” as it navigates ongoing financial challenges. The Star Entertainment Group operates casinos and entertainment facilities in Australia. They aim to provide a premium experience in gaming, hospitality, and leisure.
The rejection comes as the company continues to rely on support under its Senior Facility Agreement (SFA). Discussions are currently underway with the SFA lender group to find a mutually agreeable resolution. The Australian Financial Review previously reported that Star’s lenders are hesitant to grant waivers that would allow the casino group to breach the terms of a $430 million loan, which has implications for finalising the company’s full-year accounts.
Despite the ongoing negotiations, The Star plans to lodge unaudited accounts for the year ended June 30, 2025, with the Australian Securities Exchange (ASX) on August 29. The company is targeting the final audited accounts for filing by September 30. The successful lodging of these accounts is dependent on resolving the current impasse with its lenders and securing the necessary covenant waivers or alternative financial arrangements.
The timely filing of audited accounts is crucial for maintaining investor confidence and regulatory compliance. The Star’s management is focused on reaching a resolution that satisfies both the lenders’ requirements and the company’s operational needs, ensuring a stable financial footing moving forward.
