() - Australian embattled casino operator Star Entertainment said on Friday that its casino licence for Star Sydney will remain suspended until at least September 30, as advised by the New South Wales Independent Casino Commission (NICC).
Star also noted that the NICC-appointed manager, Nick Weeks, will continue to have oversight of casino operations at Star Sydney until at least September 30.
Philip Crawford, the top official at the NICC, stated that although Star's applications regarding its eligibility for obtaining a gambling license in New South Wales showcased gradual advancements in the company’s corrective actions, uncertainties surrounding Star’s fiscal condition led to sluggish development. Consequently, he believes that maintaining the suspension of Star's license remains justified.
These developments cause concerns for Star, which revealed its financial records in early March to Salter Brothers Investment Group for a potential debt restructuring deal valued at up to A$940 million ($591.26 million). The delay might complicate the due diligence procedure.
The star did not promptly reply to requests for comments.
(1 US dollar equals 1.5898 Australian dollars)
(Reported by Shivangi Lahiri in Bengaluru; Edited by Alan Barona)