Australia’s Star Entertainment Group has described as “unacceptable” the terms put forward by its lenders to provide requested covenant waivers for the September and December quarters on its AU$430 million (US$279 million) loan.
The waivers are seen as crucial for Star as it looks to shore up its financial position in the wake of a recently agreed AU$300 million (US$195 million) rescue package led by US casino operator Bally’s Corp and an agreement with its Hong Kong partners to offload its Queen’s Wharf Brisbane assets and associated debt.
In a filing, Star acknowledged that it continues to rely on the support of its lenders under a Senior Facility Agreement (SFA) in respect of likely covenant waivers post-30 June 2025 and continues to be in discussions with the SFA lender group in respect of potential covenant waivers for 30 September and 31 December 2025.
