(Reuters) – Embattled Australian casino operator Star Entertainment said on Wednesday it has secured a new debt facility of up to A$200 million ($137.46 million) and that it will announce its annual earnings on a day later.
The financing would be in two tranches, with an immediate A$100 million injection to deal with cost blowouts the gaming group is facing at its new Queens Wharf resort in Brisbane.
The first tranche is expected to be available to be drawn, subject to conditions, from the end of October through to Dec. 20.
The second tranche would require Star to meet more extensive conditions including raising additional capital of at least A$150 million and providing information around the firm’s long-term strategy.
Star owns casinos in Sydney, Brisbane and the Gold Coast.
($1 = 1.4550 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Mrigank Dhaniwala)
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