Star Entertainment secures covenant waiver, reports narrower full-year loss

The Star Entertainment Group Limited (ASX:SGR) announced on September 30, 2025, that it has finalized a covenant waiver for September 30, 2025, with its syndicated facility agreement (SFA) lenders. This follows earlier discussions noted in its Unaudited Preliminary Financial Report for FY2025, released on August 29, 2025. The waiver is subject to the exchange of signed documentation.

The audited Financial Report for FY2025, also released on September 30, 2025, shows a net loss after tax of A$427.9m, an improvement from a A$1,684.6m loss in the prior comparative period. This adjustment reflects additional information impacting its tax position. The report highlights ongoing financial challenges, including a normalised loss after tax of A$215.5m and net assets of A$446.8m as of June 30, 2025, which is an increase from A$403.2m reported in the unaudited results.

The company continues to face material uncertainties, including an AUSTRAC proceeding, where a provision has been recognised, and ongoing legal and regulatory matters. The group's directors have assessed that there are reasonable grounds to believe the group can meet its liabilities and remain a going concern, contingent on successfully addressing key interdependent matters, including the AUSTRAC penalty outcome, lender support, and timely exit from the DBC stage of the JVP Transaction.