Shares in Star Entertainment have been suspended from trading on the stock exchange after it failed to lodge its financial results. ASX Announcement – Becoming a substantial shareholder – Perpetual Limited ASX Announcement – Notification of substantial shareholding National Australia Bank Notification of ceasing to be a substantial shareholder -James Packer and Consolidated Press Holdings Limited Notification of ceasing to be a substantial shareholder – UBS AG Notification of ceasing to be a substantial shareholder – Crown Limited
The stock is now holding on for dear life as Star executives scramble to keep the company afloat and at least some of shareholders' wealth in situ. The potential collapse of the company puts the jobs of about 9,000 workers across its three casinos on the line. The casino group could be broken up in the process, as administrators would search for buyers for individual assets, if the company can't be rescued as a whole. The company, which operates casinos in Brisbane, the Gold Coast and Sydney, blackcoin.co confirmed on Monday morning that it would not be able to lodge its accounts until it secured a funding package. The future of Star Entertainment and its thousands of workers remains uncertain as the company's efforts to secure a financial lifeline go down to the wire.