Your Daily Asia Gaming eBrief: The Star seeks $545mln in financing after $861mln loss

Good morning. The Star is attempting to pull itself out of a deep hole, seeking financing of some $545 million after recording a half-year loss of $861 million. The equity injection is expected to come from US firm Oaktree, extending a lifeline to a firm battling both institutional and civil lawsuits. Meanwhile, the Hong Kong Jockey Club is reeling after its soccer betting tax was increased. And US-based Caesars is in high spirits after seeing record-breaking EBITDA in the fourth quarter.

What you need to know

• The Star is seeking urgent financing after seeing a half-year loss of $861 million, reportedly talking to Oaktree to raise $545 million in equity.
• Hong Kong's monopoly sports betting operator is facing an additional $1.53 billion in soccer betting tax, spread over a five-year period.
• Caesars Entertainment saw a record-breaking fourth quarter, with EBITDA shooting up to $957 million.

On the radar

• International Entertainment narrows 2H22 loss by 95 percent.
• Junket investor Rich Goldman expecting 2H22 loss of $2.29 million.
• PH sports betting firm opens flagship outlet at Newport World Resorts.
• Singapore expects to restore flights to China to pre-Covid-19 levels.
  

AGB Intelligence

AUSTRALIA

The Star sees $861 million loss, seeks financing

Industry Updates

• MGM Resorts becomes first gaming company to sign CEO Water Mandate.
• Bragg Gaming grows Switzerland market reach with Swiss casinos.

Meet at ASEAN 2023

MEMBERSHIP | MAGAZINE | ASEAN | CAREERS