It was mid-afternoon on Friday, but it was impossible to look away from the ASX screens that would deliver the news on whether Star Entertainment had managed to survive the day.
Administrators are at the ready, advisers are working overtime and the statements have surely been drafted, but the casino operator is still clinging to hope of a last-minute reprieve – what it calls a liquidity proposal.
On the line are 8000 jobs, the majority of which are in Sydney; almost 2000 hotel rooms risk closure and 60 bars and restaurants may shut if Australia’s major casino operator Star is declared bankrupt.
Once the company’s flagship asset, Star’s Sydney casino is now worth little more than its hotel rooms.Credit: Bloomberg
This is no tin pot…
