The Star aims to raise $545m after loss

Australian casino operator The Star is in talks to raise around $545m after registering an $861m loss in the half-year ended December 31.

The company halted trading on Wednesday as it’s reportedly in talks with Oaktree Capital Management for the new funding.

This comes after a warning earlier this month that it was anticipating losses of up to $1.11bn due to legal cases against the company for alleged anti-money laundering malpractice and potential changes to the New South Wales tax regime. The announcement caused a massive drop in share value.

According to the company’s Wednesday announcement, the trading halt is expected to remain in place until Friday “or when the announcement is released to the market.”

Source: Asia Gaming Brief