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It is more likely that all those circling, including Star's two Chinese partners in Queen's Wharf and Bally's in Sydney, are now waiting to pick up the assets under an administrator run auction. But most of the bank debt within the group is secured over the newly built Brisbane casino and its adjoining Queen's Wharf development. But if a sale of the assets has proved problematic, an administration could be just as complex. Beleaguered casino group Star Entertainment has barely enough cash to last until Friday and could be under administration as early as Wednesday. Star Entertainment could enter administration on Wednesday with the company set to run out of cash by the end of the week. We continue to expect Star to raise AUD 150 million in equity to draw on the second tranche. Some analysts believe that with the company close to being put into administration, meaning it could essentially become a ward of the government, finding a buyer could be difficult and that saviors are unlikely to emerge over the near term.
In April 2025, Bally’s will make its UK debut by opening its first-ever casino at The Gate, one of Newcastle’s premier entertainment hubs, according to their website. In a late-night update to the ASX on Monday, Star Entertainment revealed Bally’s would pay $100 million by Wednesday to keep the business’s doors open across Brisbane, the Gold Coast and Sydney. In September last year, Star’s directors started getting advice on "safe harbour" provisions provided by the Corporations Act that would protect them from being personally liable for debts in the event that it cannot stay solvent. Queensland Premier David Crisafulli said Star’s workers were the key priority for his government. But in a sign of its deepening financial woes, Star has reiterated there is material uncertainty about its ability to continue operating. Even if Star somehow manages to raise A$150 million to access a second tranche of debt, it will not be out of trouble.

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