Star CEO Steve McCann issues gloomy casino earnings update, asks for patience

Star Entertainment chief executive Steve McCann warned that the casino group was still experiencing negative monthly cash flow and pleaded with shareholders and lenders to be patient as it tries to turn the business around.

The company announced an unaudited group EBITDA loss of $27 million in the first four months of the new financial year; This result increases the pressure on Star, which is trying to raise another $150 million in capital from external sources. Providing $150 million in funding is one of the conditions Star will access the second tranche of the $200 million loan.

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