ASX SGR: Rescue deal for Star Entertainment wont solve its existential crisis

The Finnish Competition and Consumer Authority estimates that half of the money spent by players in Finland on online gambling currently goes to foreign companies. US casino operator Bally's made overtures and last month reportedly sent a delegation to Australia to pursue a deal. Another complication is that, in his desperate bid to stitch up a rescue package, recently appointed chief executive Steve McCann has run the kitty bare.
However, the company’s poor trading performance potentially makes it more difficult to secure the $150m of additional external funding needed to trigger the payment of the second $100m tranche of the $200m loan. Two months ago, Mr McCann secured a $200m, two-tranche bailout from lenders to prevent a possible collapse of Star. "This is attributable to the on going challenging consumer environment and changes in business practices which continue to weigh heavily on gaming, particularly in the premium player segment," he said. As Star’s search for https://blackcoin.co/where-luxury-meets-excitement-2/ a white knight steps up, a potential newcomer to the Australian gaming industry has taken a look at its casinos. "We need to implement those, and we need to make sure that we understand what the revised revenue model is for our business across gaming and non-gaming over time," McCann said at the meeting. "I would note that the regulatory environment and challenges of technology upgrades and other matters we’re dealing with in Australia are quite unique to the Australian market.