The Star Entertainment has announced the successful execution of long-form documentation for a new debt facility totaling AU$200m (US$129.2m).
The new facility consists of two tranches, each valued at AU$100m ($65.1m). The company is currently collaborating with its lenders to meet the conditions precedent necessary for drawing down the first tranche, which will be available until December 20, 2024.
Additionally, The Star has confirmed that its lenders have granted a covenant waiver that will apply to the upcoming quarterly testing date on December 31, 2024. This waiver provides the company with added flexibility as it navigates its financial commitments.
The Australian gaming operator fell to negative EBITDA in its first financial quarter, ending September 30, amongst a ‘challenging operating environment and the continued implementation of mandatory carded play and cash limits.’
Source: Asia Gaming Brief
