The Star Entertainment Group has reported a marked decline in its cash reserves, announcing its available cash at December 31, 2024 of AU$79m, down $70m from the previous quarter.
The group was providing an update on its unaudited cash and liquidity position ahead of its quarterly update. It also stated that its half-year results for the period ending December 31, 2024 would be released by February 28.
In December, the company drew down Tranche 1 of its new debt facility, of $100m. This resulted in a net increase in available cash of £37.1m. Adjusting for the impact of the draw, there was a reduction in available cash over the three-month period ending December 31 of around $107m.
The group said that it “continues to work towards the fulfilment of conditions precedent that must be met in order to draw down the additional $100m under Tranche 2 of the new facility.”
“A number of these conditions remain challenging to meet given the group’s current circumstances,” it said.
“In addition to seeking to fulfil the conditions precedent for Tranche 2 of the new facility, the group continues to explore other liquidity solutions.”