The Star Entertainment Group has confirmed it is no longer pursuing a refinancing deal with Salter Brothers Capital. In a filing on Wednesday, the company said it had not received a binding debt commitment letter from the investment firm, leading to the withdrawal of the AUD940 million (US$592.2 million) proposal.
The talks, which had been extended previously, officially ended on Tuesday without a resolution. Star Entertainment said the collapse of negotiations leaves the group facing “material uncertainty” about its ability to remain in operation without new funding.
The company owns and operates The Star Sydney and The Star Brisbane, and holds a 50 percent stake in Destination Brisbane Consortium, which manages the Queen’s Wharf Brisbane site. The Star Brisbane casino, part of that site, began a phased opening in August 2024.
The failed refinancing deal would have provided enough capital to pay off existing debts and ease liquidity concerns. Star Entertainment stated it had worked closely with Salter Brothers Capital and involved key third parties such as regulators and state governments throughout the process. Despite those efforts, the company said several key conditions could not be fulfilled in time.
In particular, lenders required priority access and enforcement rights over non-gaming assets, which the company could not meet. This condition became a roadblock that made it difficult to finalize the refinancing agreement.
Star Entertainment has also delayed filing its half-year financial report for the period ending December 31, 2024. The delay is linked directly to the lack of a viable refinancing solution, which affects its ability to provide an accurate financial position.
Meanwhile, the company said it is still reviewing other options. One of those includes an offer made in mid-March by Bally’s Corporation. The U.S.-based casino group submitted an unsolicited proposal on March 10, 2025, to take a stake in Star Entertainment. Discussions with Bally’s are ongoing as part of broader efforts to improve the group’s financial stability. Previously, Hard Rock International was rumored to be among those interested but they have denied any interest.
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