The news: Star Entertainment paused trading minutes before market opened this morning, with the embattled casino operator due to publish its half-year financial results today.
The context: The delay, flagged earlier in media reports, comes as the company struggles to secure short-term funding to meet immediate financial obligations, including payroll.
The Star is required to publish its results by close of business today under ASX rules. Without completed accounts, its shares will be suspended from trading.
The company, which operates casinos in Sydney, Brisbane and the Gold Coast, had $78 million in available cash at the end of December but has been burning through funds amid mounting regulatory fines, weak gaming revenues and rising costs at its new Queen’s Wharf development in Brisbane.