Why did the Star Casino share price just dive 19% to an all-time low?

This means Star Entertainment will have to pay back the $10 million it received from the JV partners by next Wednesday. Star Entertainment has announced that the deal to sell its 50% stake in Queen’s Wharf, plus other assets in Brisbane, is now off. “Our consistent position is that any future structure of Star Brisbane should prioritise the job security of workers, which will give stability to the casino, the workers and their families.” “The latest news once again increases uncertainty for members. We’re seeking further information from the company about this announcement,” he said. “For Star, the Queen’s Wharf sale is a strategic retreat from what has become a financial quagmire, with development costs blowing out by more than $1 billion,” he said.
A deal between gambling giant Star Entertainment and its partners in Brisbane’s Queen’s Wharf casino still faces regulatory hurdles and has left employees with questions about their future at the embattled precinct. Shares edge higher; banks lift; Star’s sharemarket return; ANZ tips 40pc chance of recession; WiseTech’s board update; two MinRes directors exit. Webjet shares have been sold down sharply after an update to the market. This is expected to lead to full year underlying EBITDA of $330 million to $360 million. This is based on the assumption that market conditions and the regulatory environment do not materially change.
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With a $200 million emergency debt facility at a rate of 13.5%, it appears Star may be buying time ahead of a potentially value-dilutive equity raise in fiscal 2025. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show and premium investing services. The Motley Fool launched its Australian presence in 2011, and since then has grown to reach over 1 million Australians. The Star Entertainment Group Limited is an Australia-based company that provides gaming, entertainment and hospitality services. The Company operates The Star Sydney (Sydney) and The Star Gold Coast (Gold Coast). The Company’s segments include Sydney, Gold Coast, and The Star Brisbane.
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