Australia’s Star Entertainment Group has entered a trading halt amid rumors the company has all but run out of cash.
Local media reports claim the one-time casino giant does not have the funds to meet its short-term payment obligations, including payroll.
In an ASX-filing, Star said it had paused trading in its securities pending a further announcement.
The company had been due to release today its interim results for the six months through 31 December 2024 but the Australian Financial Review reports Star’s board had been unable to sign off on accounts given the likelihood of it being unable to meet obligations.
In a follow-up filing issued just before 11am Sydney time (8am Macau time), Star acknowledged the media reports but stated only that it is “continuing to explore possible liquidity solutions that might materially increase the Group’s liquidity position, and anticipates that it will receive one or more liquidity proposals during the course of today.”
Release of its 1H25 results would, the company added, only become possible if it receives liquidity proposals which “are sufficiently capable of being progressed to finalization in the context of determining whether the company can continue as a going concern.”
Star revealed in January that it was in danger of running out of cash, with increased regulatory costs and challenging operating conditions resulting in the company rapidly burning through its cash reserves.
Follow up story: Has a white knight emerged to save Star?
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