Operator has executed additional debt funding from banks for A$200million (US$126million) to help survive the crisis.<\/p>\n\n\n\n\n\n\n\n
Australia.- The Star Entertainment Group has said that a three-month shutdown due to Coronavirus could cost the firm as A$220million (US$140 million) while a six month closure would cost. $320million ($201million).<\/p>\n\n\n\n
The company has suspended all activities at its venues since March 23 in line with the shutdown mandated by the government in order to contain the spread of Covid-19.<\/p>\n\n\n\n
To ensure it can survive the crisis, Star has executed additional debt funding from banks for A$200million (US$126million).<\/p>\n\n\n\n
“The Star is implementing necessary and wide-ranging measures to strengthen the balance sheet and preserve liquidity in the current exceptional circumstances,” Managing Director and Chief Executive Officer, Matt Bekier, said.<\/p>\n\n\n\n
“The shutdown continues to have a significant impact on our people and their families, and the group welcomes the Australian government\u2019s support, particularly the JobKeeper Payment program. <\/p>\n\n\n\n
“Our focus remains on preserving the group\u2019s solid financial position and operating flexibility to resume operations quickly when the current Covid-19 restrictions begin to lift,” he added.<\/p>\n\n\n\n
Star also noted that it had \u201ccompleted staffing requirements\u201d during the shutdown, involving about 8,500 staff being stood down.<\/p>\n\n\n\n
Chairman John O\u2019Neill, said: \u201cThese unprecedented challenges have had a considerable human impact. To temporarily stand down more than 90 per cent of our dedicated workforce will be the most painful decision our senior management is ever likely to encounter.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Operator has executed additional debt funding from banks for A$200million (US$126million) to help survive the crisis.<\/p>\n","protected":false},"author":2,"featured_media":4159,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has secured A$200 million in additional debt funding to bolster liquidity amidst mandated venue shutdowns due to Covid-19. The operator projects significant revenue losses, up to A$320 million for a six-month closure, and has stood down 8,500 staff, while leveraging government support programs.","focusai_entities":"The Star Entertainment Group, Matt Bekier, John O\u2019Neill, Australian government","focusai_location":"Australia","focusai_target_profile":"ceo_executive (1.0), regulator (0.7), operator_casino (1.0), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Debt Covenant Impact","query":"What are the specific covenants attached to The Star Entertainment Group's new A$200 million debt facility, and how might they impact future operational flexibility or capital expenditure?"},{"label":"Post-Reopening Strategy","query":"Beyond liquidity preservation, what strategic initiatives is The Star Entertainment Group planning to re-engage its customer base and optimize GGR upon the lifting of Covid-19 restrictions?"}],"footnotes":""},"categories":[16336,28,161,167],"tags":[289,1295],"class_list":["post-5703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-casino-news","category-daily-news","category-news-region","tag-australia","tag-star-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=5703"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5703\/revisions"}],"predecessor-version":[{"id":21459,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/5703\/revisions\/21459"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/4159"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=5703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=5703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=5703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}