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On September 12, the Quds Force of Irans Islamic Revolutionary Guard Corps issued a statement saying that it had killed four terrorists attempting an assassination in the Saravan district of Sistan-Baluchistan province in southeastern Iran. The statement said the Revolutionary Guard, in conjunction with intelligence and law enforcement forces, launched an operation against the terrorist group early that morning, killing four terrorists on the spot and seizing a cache of weapons, ammunition, and explosives at their hideout. Three Revolutionary Guard members were killed in the operation.On September 12, US President Trump expressed optimism about resolving the trade war with Canada, saying an agreement could be reached "soon," but did not disclose whether formal negotiations between the two countries had resumed. When asked by the Irish Prime Minister in Dublin on Saturday whether he intended to withdraw the US from the USMCA trade agreement, Trump dodged the question, saying Canada wanted a deal with Washington and that he was advocating for better terms for American farmers. "Canada has to treat our farmers better. They cant put tariffs on our farmers. They put 400% tariffs on our farmers, and a lot of other things, so when those things are removed, theyre willing to remove all of them," Trump said, adding, "Youll likely see a deal with Canada very soon."Ukrainian President Zelensky: On Saturday, Russian attacks on 10 regions of Ukraine killed three people and injured dozens.Iranian Embassy in India: Iranian President meets with Abu Dhabi Crown Prince in New Delhi, India.US President Trump: (Regarding trade with Ireland) We need to bring back a few healthcare companies.

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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