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Star Entertainment secures A$590 million refinancing facility

Entertainment

Entertainment

The new three-year financing facility from WhiteHawk Capital was announced on Monday.

Star Entertainment Group has obtained a binding commitment for a A$590 million (approximately US$390 million) refinancing facility from WhiteHawk Capital. 

The agreement, disclosed in a statement to the Australian Securities Exchange (ASX) on Monday, is intended to refinance the Star’s existing debt in full, and provide additional liquidity to support its operations.

Liquidity and financial terms

The new three-year financing facility included various conditions including the finalisation of long-form finance documentation, regulatory approvals, and completion of the sale of the Star’s interest in the Destination Brisbane Consortium (DBC).

Specifically, the liquidity requirements are set at A$50 million for the first year following financial close. This will increase to A$75 million in the subsequent six months, reaching A$100 million after 18 months.

The facility’s financial terms include an interest margin consistent with the company’s previous debt arrangements. The Star described these terms as customary, encompassing standard reporting obligations and events of default.

Not the first rodeo

Star is under pressure to repair its financial standing as former executives were ruled to have breached the Corporations Act in early March. The Australian Transaction Reports and Analysis Centre (AUSTRAC) pursued civil penalty proceedings against the group for alleged systemic breaches of anti-money laundering and counter-terrorism financing (AML/CTF) laws. Potential fines could reach up to A$400 million. 

In 2025, Bally’s Corporation and Investment Holdings invested A$300 million, collectively acquiring approximately 61% equity in The Star. 

This investment spurred a reshuffle of the board and senior management. Since then, the group has implemented various cost reduction strategies. This includes closing a corporate office and delegating greater operational responsibility to property management team.

Additionally, Star is working towards exiting its Queen’s Wharf Brisbane joint venture. The process remains conditional on the release from an estimated A$700 million parent company guarantee.

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Kathryn Evans

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