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Market news: The United States is moving forward with its plan to reopen its embassy in Venezuela.On January 8th, U.S. Energy Secretary Chris Wright announced on the 7th that the United States would control Venezuelan oil sales "indefinitely." Wright stated that the sale of Venezuelan oil would be controlled by the U.S. government, including not only inventory but also future sales "indefinitely." Sales revenue would be deposited into accounts controlled by the U.S. government, and these funds could then flow back to Venezuela "to benefit the Venezuelan people." Wright said the U.S.s immediate goal is to stabilize and increase Venezuelan oil production by providing heavy crude oil diluents, spare parts, equipment, and services. He stated that Venezuelas daily oil production could increase by hundreds of thousands of barrels in the coming years, but returning to historical highs would require hundreds of billions of dollars in investment and "a considerable amount of time." The U.S. will create conditions for major U.S. oil companies to enter Venezuela. The Trump administration is also considering establishing a compensation mechanism for U.S. oil companies investing in Venezuela.Market news: White House officials said the White House has withdrawn Ryan Baaschs nomination to the Federal Trade Commission and he will instead serve as deputy director of the White House National Economic Council.The U.S. personal income report for October and November will be released on January 22.The release date for US December personal income and PCE data has been rescheduled to February 20.

After A Record Loss, Star Entertainment Raises $545 Million And Suspends Dividends

Skylar Williams

Feb 23, 2023 13:54

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Star Entertainment Group Ltd. announced that it would raise A$800 million ($545 million) to repay debt and suspend dividend payments, as it reported a record statutory loss for the first half of the year due to challenging business conditions in Sydney.


Star, Australia's second-largest casino operator, has seen its profits eroded by regulatory restrictions on its Sydney operations beginning in mid-September and intense competition from larger competitor Crown Resort, which began operations in Sydney in August.


The capital raising, which consists of a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will enable Star to repay debt and increase liquidity, the company announced Thursday. End of 2022, it had a net debt of A$1.11 billion.


Capital-raising shares are being sold at $1.20 each, which is 21% below Star's most recent closing price of $1.50.


Star stated that major shareholders Chow Tai Fook Enterprises and Far East Consortium have exercised their rights and committed $80 million to the capital raise.


Star reported a record statutory net loss after tax of A$1.26 billion for the six months ended December 31, compared to a loss of A$74,2 million a year earlier.


Star had previously warned of an impairment charge of up to A$1.6 billion in the first half as a result of a proposal by the New South Wales government to increase taxes on casino poker machine operators. Sydney is the state's capital.


Tax resolution with the New South Wales government remains the most important catalyst for investors, according to Jefferies analysts.


In the first half, the casino operator wrote down the goodwill of its Sydney casino from A$851 million to zero.


In an effort to reduce its debt, the company announced it would suspend dividend payments, and its casino licences were in full operation.


The company posted a normalised nett profit after taxes of $43,6 million, compared to A$73,7 million in losses in the prior year.


Thursday is a trading suspension for Star shares while the capital raise is in progress.

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