Star Entertainment (ASX:SGR) has sold its Treasury property in Brisbane, as the embattled gaming giant scrambles for fresh financing and a tax reprieve to manage cost blowouts at its new marquee Queen’s Wharf development.
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Star Entertainment (ASX:SGR) is no closer to resolving its financial position after releasing a late-night statement on Wednesday.
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The chances of the casino group, Star Entertainment (ASX:SGR), surviving in its current state look increasingly bleak as the company struggles to gain support for a survival plan.
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Struggling gambling company The Star (ASX:SGR) has been suspended from trading on the ASX after failing to post its financial results within the reporting period.
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Yet another hard-luck story emerges from the annals of corporate Australia: Star Entertainment Group (ASX:SGR) and its casinos in Sydney, the Gold Coast, and Brisbane.
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Star Entertainment (ASX:SGR), the struggling Sydney-based casino group, seems to have a more positive future with the confirmation of a much-tipped CEO, Steve McCann.
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Star Entertainment (ASX:SGR) shares were down 7% at lunchtime Monday on the ASX after a pre-end-of-year trading update spelled out gloomy news for the embattled casino group and its banks.
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Shares in Star Entertainment (ASX:SGR) fell at the opening on Tuesday after Hard Rock International denied any link to a bid for Star.
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Star (ASX:SGR) shares came out of a brief trading halt after the company was forced to issue a second statement Monday morning on supposed takeover approaches.
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Shares in the embattled Star Entertainment (ASX:SGR) are likely to surge today with the news that the US casino group Hard Rock Hotels and Casinos is considering a bid.
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Embattled casino owner Star Entertainment (ASX:SGR) has again shuffled the deck chairs at the very top of the company, with under-fire executive chair David Foster exiting the position on Monday and existing director Anne Ward being named to replace him.
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The second Star inquiry in Sydney has gone from bad to worse, to what the heck, after it was halted on Wednesday, Day 3 of the first week of the new probe.
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No wonder shares in Star Entertainment Group (ASX:SGR) lost another 14% on Tuesday, following further damning disclosures during the second day of the inquiry into the company’s culture and fitness to hold a license for the Star Casino in Sydney.
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At the close on Monday, the near 4% fall in the price of Star Entertainment Group shares ended up being a positive outcome on a day when yet more incredible and highly damaging news emerged from the second NSW Government inquiry into the casino.
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Star Group's abrupt CEO and top executives depart amidst regulatory pressures, causing market turbulence and speculation.
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The embattled Sydney-based casino operator, Star (ASX:SGR), has successfully convinced investors to contribute hundreds of millions of dollars for the second time this year, in a desperate attempt to keep the business afloat.
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Embattled casino group, Star Entertainment (ASX:SGR), has posted a staggering loss of $2.4 billion for the fiscal year ending on June 30, primarily due to substantial write-downs in the value of its casinos exceeding $2 billion.
Read MoreShares in casino operator Star slid nearly 12% at one stage yesterday after revealing a sharp worsening in its business, a review of the Sydney operation and 500 full time positions being cut.
Read MoreCasino operator Star Entertainment Group has secured its $800 million lifeline which will allow it to continue trading into the upcoming NSW State Election and, hopefully, beyond.
Read MoreThe (no) fun and games at Star continue, with the regulators still riding them like an inside straight and all sorts of intrigues popping up on their shareholder register.
Read MoreCasino operator Star Entertainment Group is looking to raise $800m in new equity in what is effectively a bailout after revealing a massive $1.3b loss for the six months to December.
Read MoreThe dispassionate investor or analyst would be concerned at the adverse market reaction yesterday to the interim trading update from embattled casino group Star Entertainment.
Read MoreASIC has launched proceedings against 11 current and former Star executives over alleged breaches of anti-money laundering protocols at the company’s casinos.
Read MoreInvestors did their best to ignore news yesterday that Star Entertainment is being sued by financial regulator AUSTRAC over claimed breaches of money laundering laws.
Read MoreThe NSW casino regulator on Monday confirmed it had suspended the gaming licence of Star Entertainment’s Sydney casino and hit it with a record $100 million fine.
Read MoreShares in Star Entertainment Group rose more than 4% yesterday after investors expressed relief that the company had seemingly retained the licence to run its Sydney casino.
Read MoreShares in Tyro Payments touched new all-time lows yesterday after losing CEO Robbie Cooke to the toughest job currently in Australian business: cleaning up Star casino group.
Read MoreThe broker reinitiates with a Neutral rating and a target price of $2.95.
Read MoreLots going on around the traps to kick the week off, and here is the latest news from Star Entertainment Group, Carnarvon Energy and financial sector stalwart AMP Limited.
Read MoreShareholders in casino operator Star Entertainment Group will again go without while the company continues to trade with its financiers, with the 2021-22 interim dividend withheld.
Read MoreInvestors punished Star Entertainment Group in particular yesterday, but didn’t miss other casino groups after media reports about alleged misconduct surfaced over the past couple of days.
Read MoreWith peak reporting season upon us, here are snippets from the results announced yesterday by winemaker Treasury Wine Estates and casino owner-operator Star Entertainment.
Read MoreCrown Resorts and its biggest shareholder James Packer face growing uncertainty about its future value, with rival casino group Star Entertainment dropping its $12 billion deal.
Read MoreIt was a very busy Monday for AUSTRAC, the country’s main financial intelligence group, which has launched separate investigations into four ASX-listed companies.
Read MoreNeutral retained. Target is raised to $4.00 from $3.85.
Read MoreIs this the tocsin bell that sounds a warning to Australian casino operators like the embattled Crown Resorts, Star Group, Sky of New Zealand, and a couple of small players such as Lasseters and Federal Hotels?
Read MoreMacquarie reassesses the Sydney domestic tables market, given the completion of Sovereign Resort and competition from Crown Sydney ((CWN)) in early 2021.
Read MoreStar Entertainment has reached agreement with the NSW government to set the casino tax rates and create certainty around the regulatory framework for the period FY22-41.
Read MoreVirgin Australia has stepped up its money finding efforts, asking for trading in its shares to be suspended as it works on a restructuring plan and awaits any news from Canberra about a $1.4 billion bailout package from the Federal Government.
Read MoreMajor women’s fashionwear retailer Mosaic Brands has become the latest chain operator to shut stores and stand down staff indefinitely. Casino operator, Star Group has also stood down around 90% of its staff of 9,000 while Wesfarmers has shut its Kmart stores in New Zealand as the coronavirus outbreak continues to escalate.
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DOWNLOAD RESEARCH REPORTSecures binding contract with Tier-1 OEMUS based anode active project gathers momentumMagnis Energy Technologies (MNS.ASX) – MNS is planning an anode active facility in the US and recently announced a binding, yet conditional, contract for the supply of anode active with Tesla. The contract is for a minimum 17.5kt/year with an option to purchase another 17.5t/year. Conditions precedent carry a tight development timeframe, with first production scheduled for February 2025. Site selection is underway and co-locating with an OEM on a brownfields site makes sense. Long lead items have been ordered and detailed engineering and design is expected to commence soon. |
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December Quarterly Report: Q2 FY2023Looking past the rain – there’s a rainbow.TerraCom released their operating results for the December quarter FY2023 with operating metrics being in line with our forecasts. Unseasonal rains in both Australia and South Africa contributed to operational and logistical issues across all mines, however guidance for annual production at Blair Athol is unaffected and highlights the quality of TerraCom’s skills in operational management. We continue to like the stable operating metrics around the company’s Australian operations and see potential for the South African operations to benefit from increased management focus given the rationalisation of operations following the closure of the Ubuntu mine. Corporate Connects overall financials remain unchanged as does our target price of $1.35 share. We maintain our forecast for a fully franked quarterly dividend of 7.5c/share to be paid in the March and June quarters of FY2023. |
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DOWNLOAD RESEARCH REPORTHigh performance synthetic anode & cathode materials Building a US based materials supply chainNOVONIX (ASX:NVX) – is scaling a synthetic anode materials plant in the US and piloting nickel rich cathode material in Canada. Why? China is dominant and growing – 100% of global natural anode and 68% of synthetic anode is refined in China. In short, China controls the global midstream battery chain by controlling 60% of chemical refining, 87% of anode manufacturing, 61% of cathode manufacturing and 73% of battery manufacturing. It is global battery supply and price domination at scale. |
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DOWNLOAD RESEARCH REPORTAntisense Therapeutics (ANP) Taking a Quick Approach to Long COVIDThis report looks at the results of a collaborative study Antisense undertook which looked at the largest protein expression database in Long COVID-19 patients who experienced neurologic symptoms well after the primary or acute SARS-CoV-2 infection was considered over (Groups 1 & 2, with 48 subjects Group 2 comprising a single patient from a different clinical site). The symptoms and others experienced by such patients result in a highly significant amount of illness, possibly more than all primary SARS-CoV-2 infections i.e COVID-19. |
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DOWNLOAD RESEARCH REPORT4Q reveals more focus on profit and cash flow• LBY’s 4Q FY22 quarterly activities update showed continued solid growth in top line metrics, albeit slowing, with GMV of NZ$203m (+26% on pcp) and income of NZ$12.1m (+23% on pcp).
• Net Transaction Margin (NTM) disappointed at -0.5%, due to further increase in credit losses from 4.0% to 4.9% of GMV. However, new fraud and credit risk management tools have seen losses recover materially with NTM back to 1.2% in March and LBY is confident of further recovery in coming months.
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DOWNLOAD RESEARCH REPORTSigns MOU with Ford Company – Kachi is now sold out!Lake Resources (LKE. ASX) – LKE has signed two non-binding MOU’s in the space of 10 days. Ford Company (Ford) has signed an MOU for ~25,000t/year and last week Hanwa, a Japanese commodity trader signed a MOU for up to 25,000t/year. Subject to execution, this is an amazing feat as Ford and Hanwa are prepared to enter into longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but are expected, especially if Ford & Hanwa inject new equity into LKE, to further de-risk the project financing & thus ensure LKE and Kachi are fully funded. |
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DOWNLOAD RESEARCH REPORTStrategic Vanadium-battery growth with Titanium & Iron earnings resiliencyTNG Ltd is an ASX-listed technology owner and developer of the world-class Mount Peake near-surface vanadiferous titanomagnetite deposit. To unlock value, TNG will concentrate ore from its central Northern Territory mine for processing through its patented TIVAN® process produce three premium quality revenue streams: hi-purity vanadium pentoxide (V2O5) for steel alloys and Vanadium Redox Flow batteries, a quality titanium pigment for paints and a premium steel input with >64%Fe iron ore fines. |
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Promising exploration and development update while SOP prices continue to riseTwo recent gravity surveys have considerably exceeded expectations and revealed potential for extensions to the existing MRE at Lake Throssell, plus a material growth opportunity at Lake Yeo. This reinforces the potential for a multi-decade, Tier-1 SOP production hub based around Lake Throssell. TMG is currently completing work towards the PFS due early 2023, including drilling to start in Q3 2022, evaporation trials and permitting activities. Results from these programs will support the PFS and any future resource upgrade. Benchmark SOP prices have risen to ~US$940/t due to recent geopolitical developments. The Oct 2021 Scoping Study assumed a SOP price of US$550/t and contained a sensitivity analysis showing every 10% increase in price drives a +$144m increase in the project NPV of $364m. The c.70% increase above the Scoping Study thus implies a project NPV of ~$1.4bn. |
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DOWNLOAD RESEARCH REPORTIncreasing our TargetDespite the lower realised oil and gas price, which fell by 5.4% and 19.7% respectively in August, Calima managed to show improvement in its key business metrics. We expect higher production in November due to the contribution by the new Thorsby wells which will be drilled in August/September which will see Calima meet its 2021 production guidance of 4,500 boe/d. |
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DOWNLOAD RESEARCH REPORTEmerging Financial Wealth Advisory GroupWT Financial Group Limited (WTL) is a growing diversified financial services company, founded in 2010 and listed on the Australian Stock Exchange (ASX) in 2015. Its advice and product offerings are delivered primarily through a group of independent financial advisers operating as authorised representatives of WTL under its Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group) dealer group operations. It has around 275 advisers across more than 200 financial advice practices Australia-wide. It also operates a direct-to-consumer operation under its Spring Financial Group brand. |
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DOWNLOAD RESEARCH REPORTImmutep Taking the Fight to CancerIn May 2021, Corporate Connect analyst Marc Sinatra published a comprehensive research report on ASX-listed biotech Immutep Ltd (ASX: IMM). So impressed was he with IMM that Corporate Connect felt it imperative that a follow-up report be released placing a valuation on the company, because the market was not seeing the vast potential of eftilagimod alpha (efti). This follow-up report has been released today. Using comparables, after adding cash back to their EV estimate and dividing by the total number of issued shares, Corporate Connect now places the fair value of an Immutep share at $A2.20. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaPayGroup (PYG) delivers multi-country BPO services and cloud SaaS HCM solutions, assisting companies to manage employees in multiple, complex jurisdictions. The company has many growth opportunities, including new clients, new jurisdictions, new products, partner expansion, and new revenue sources. PYG’s scalable business model allows operating leverage and with savings from in-housing third party technology, support margin expansion. |
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DOWNLOAD RESEARCH REPORTMarket leading lifelong learning platform technology company in Australia and SE AsiaOpenLearning (OLL) is a higher education technology company that operates a scalable online learning platform through a software-as-a-service (SaaS) business model and provides a global marketplace of high quality courses for learners of all levels. Its primary customers are education providers based in Australia and South-East Asia (primarily Malaysia). OLL started operations in Australia in 2012 and expanded to Malaysia in 2015, Singapore in 2018, and recently also Indonesia. |
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