[SYDNEY] Australia’s Star Entertainment on Wednesday said it was exploring a lifeline from by US casino group Bally’s Corp after an up to A$940 million (S$793.5 million) refinancing proposal from investment group Salter Brothers Capital collapsed.
Sydney-based Star, Australia’s no.2 casino operator, said a number of conditions required for the Salter proposal to go ahead were unlikely to be satisfied in time to meet the company’s current liquidity needs.
The development is a major blow to Star, which has been struggling to stay afloat amid a growing debt crisis and regulatory investigations at the casino group over the past two years.
Star said it was now looking at a refinancing solution that Bally’s offered on March 10,…
