SYDNEY :Star Entertainment Group Ltd said it was raising A$800 million ($545 million) to repay debt and suspending dividend payments, as it turned in a record statutory loss for the first half of the year amid tough business conditions in Sydney.Regulatory restrictions on its Sydney operations from mid-Septem
SYDNEY :Star Entertainment Group Ltd said it was raising A$800 million to repay debt and suspending dividend payments, as it turned in a record statutory loss for the first half of the year amid tough business conditions in Sydney.
The shares in the capital raising are being sold at A$1.20 each, 21 per cent below Star's latest closing price of A$1.52. Star had earlier warned of an up to A$1.6 billion impairment charge in the first half from a proposal by the New South Wales government to raise taxes on casino poker machine operators. Sydney is the capital of the state.
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