Due to the failure to disclose the financial results for the 12 months ending June 30, The Star Group has been suspended from trading on the Australian Securities Exchange as its executives continue to lobby the government, banks, and investors in a last-ditch effort to maintain solvency.
Star Entertainment Group operates three casinos in Sydney, Brisbane, and the Gold Coast, and due to poor trading and inflated regulatory costs over the past months, the group is expected to face a $1 billion impairment in the coming days.
The new boss, Steve Mackenzie, has been negotiating with the Queensland and New South Wales governments since last week, trying to secure tax concessions to buy some time for the troubled company to support its financial situation.
