Entertainment
Star Plunges to Record Low as Casino Operator Burns Through Cash
This article is for subscribers only.
Star Entertainment Group Ltd. shares plunged to a record low after the struggling casino operator said it was running low on cash, just months after winning a financial lifeline.
The stock slumped as much as 26% in early Sydney trading on Thursday, slashing the company’s market value to just A$430 million ($267 million). Star said late Wednesday available cash had dwindled to A$79 million as of Dec. 31, having burnt through A$107 million in the quarter. That includes the drawdown of A$100 million from a new debt facility.