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Star Entertainment shares have plummeted after the company went into a trading halt this morning for failing to post its half-yearly results on time, and acknowledged there are serious doubts about the company's ability to continue operating.
The embattled casino operator had until 10am (AEDT) on Friday to post its half-yearly report, but missed that deadline, leading the ASX to announce trading on Star shares would be temporarily paused.
In an update posted to the sharemarket shortly after, Star Entertainment said it expected to receive at least one liquidity proposal today.
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"It is likely that the (half-yearly) report will only be able to be finalised if the company has received liquidity proposals which, after appropriate consideration by the directors, are sufficiently capable of being progressed to finalisation in the context of determining whether the company can continue as a going concern," the statement said.
"There remains material uncertainty as to the group's ability to continue as a going concern," it added.
Trading has since resumed on Star Entertainment, with the share price plummetting 15 per cent as investors rushed to sell their stock.
The trading halt came after the Australian Financial Review reported last night that the Star is struggling to afford short-term payments, including for its payroll, and is in danger of running out of cash.
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The company, which operates casinos in Sydney, Brisbane and the Gold Coast, warned shareholders in January that it was down to just $79 million in the bank at the end of 2024 after burning through $107 million in the previous three months.
The Star has been searching without success for financing deals to ensure its survival.
While the NSW government stepped in to provide a lifeline in 2023, Premier Chris Minns has ruled out a repeat this year, and Queensland counterpart David Crisasfulli has distanced himself from the potential of government intervention.
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