A secret government report concluded the Hong Kong company that rescued Star from financial collapse concealed its relationship with a notorious junket operator.
With a deal in hand to keep the lights on a bit longer,Star Entertainment now has a new bid from an opportunistic raider,adding a twist in the tale for management and Star lenders.
Ailing casino operator Star’s latest suitor Bally’s has a chairman with a track record of targeting casino businesses in strife.
The casino operator’s shares will remain suspended this week and the board has gained a few weeks to assure themselves that the company is a going concern.
Former Star Entertainment chief executive Matt Bekier has rejected claims he may have breached his duties by relying on other executives to alert him to any probity issues relating to junket operators.
As Star’s former boss gets grilled in the Federal Court,the casino operator is chasing an 11th-hour reprieve from financial collapse.
The ailing casino operator’s ex-chief executive Matt Bekier said he had asked to see a damning report into Star’s Chinese gambling partner,Suncity,in 2019 but did not receive it until years later.
The casino operator’s shares may never trade again after the share market operator suspended trading of the Star,which could not file its financial accounts.
Star confirmed on Friday that its board is in a desperate attempt to secure funding for the casino operator that could stave off financial collapse.
The casino operator is still clinging onto hope of a last-minute reprieve,but the Doomsday Clock is almost at midnight for the company.