Daily Asia Gaming eBrief: The Star stays afloat with lifeline from lenders

Good morning. A friend in need is a friend indeed. The Star is using all of its connections to urgently restructure its finances, with lenders now offering the company a lifeline, however with conditions. Current hopes are to raise up to $236 million in time for upcoming deadlines. Meanwhile, in Macau gross gaming revenue was tracking down in September, causing forecast revisions. However, Golden Week next month is still looking strong - both for hotels and gaming spend, even though consumer sentiment in mainland China is low.

What you need to know

• The Star Entertainment Group poised to receive a financial lifeline from its lenders that could reach up to $236 million.
• Macau’s GGR declines in September, tracking below seasonality, with brokerages revising outlooks amid weaker volumes.
• Macau hotels show stability for October Golden Week amid China’s consumer softness, with ADR and occupancy holding steady year-on-year.

On the radar

• Macau operators intensify efforts to capture market share, Galaxy leading.
• PH Senate to investigate banks' POGO suspicious transactions.
• Philippine Senate intensifies probe into POGOs as key witness/evidence in focus.
• Freed Cambodian union leader to continue strike against NagaWorld.
• Tourism sector advocates for adjustments to Thailand’s casino plan.
• Thai Boxing star busted for gambling promotions on Facebook.
• Cambodia and Laos strengthen cooperation for border security and stability.
• Philippines to hold job fair for displaced POGO workers in October.

AGB Intelligence

AUSTRALIA

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