Star Entertainment shares have plunged by more than 20 per cent to an all-time low after the casino operator revealed its financial predicament has become more dire.
Star said on Wednesday evening it had $79 million in available cash at year-end, having burnt through $107 million in the past three months.
It has a potential lifeline in the form of a $100 million debt facility, but hasn’t been able to access that capital.
Star has already borrowed $434 million at a 13.5 per cent interest rate, and its lenders have imposed numerous conditions on that last debt tranche.
Star has more than 9000 employees at its casinos in Sydney, Brisbane and the Gold Coast.
“A number of these conditions remain challenging to meet given the Group’s current…
