Connect with us

Australia

The Star: New Debt Facility Arrangement

Published

on

the-star:-new-debt-facility-arrangement
Reading Time: 2 minutes

 

The Star Entertainment Group Limited announced that the Group’s corporate lenders have executed a commitment letter for a new debt facility (of up to $200 million in two-tranches) which will become effective upon completion of long-form documentation and satisfaction of various conditions precedent.

The Group’s existing $450 million facility has been reduced to $334 million which is fully drawn.

The Company’s lenders have agreed to provide covenant waivers for the next two testing dates, being 30 September 2024 and 31 December 2024, with the waiver for the latter date being subject to execution of long-form documentation for the new debt facility and other customary conditions.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The new facility comprises two tranches of $100 million each. The first tranche is expected to be available to be drawn, subject to conditions precedent, from the end of October 2024 through to 20 December 2024.

The first tranche is subject to certain conditions precedent being met, including:

•the provision of unsecured guarantees from some of the Group’s regulated entities and enhanced security granted to lenders;

•regulatory consents and government approvals as required for guarantees and enhanced security for the lender group;

•the establishment of a disposal proceeds account with a credit balance of an amount representing the net proceeds of the sale of the Treasury Brisbane casino building and any other non-core asset proceeds completed before the draw down; and

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

•other customary conditions precedent.

The second tranche is subject to more extensive conditions precedent but, if satisfied, would be expected to be available to be drawn from the end of December 2024 and have a 4 month availability period following the drawing of the first tranche.

The conditions precedent for the second tranche drawdown include:

•the receipt of required regulatory consents and finalisation of documentation for the granting to the lender group of security over the Group’s regulated entities;

•provision of information in relation to the Group’s long-term strategy;

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

•all lender approval of the Group’s strategic plan and long-term financial forecasts;

•the Company raising additional subordinated capital of at least $150m; and

•other customary conditions precedent.

The all-in coupon for the new facility is 13.50% per annum (assuming cash pay is elected), and the existing $300 million term facility has been repriced to this level:

•the Company has the flexibility to capitalise a component of the interest at its election; and

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

•there is a reduction in the coupon subject to the Group’s Adjusted Net Leverage Ratio falling below 4.0x.

The maturity date for the new facility is consistent with the existing term loan (December 2027). The Group will also retain up to $34 million of bank guarantees under the existing revolving credit facility.

The post The Star: New Debt Facility Arrangement appeared first on European Gaming Industry News.

Australia

Entain’s Andrew Vouris to Speak at Regulating the Game 2026

Published

on

entain’s-andrew-vouris-to-speak-at-regulating-the-game-2026
Reading Time: 2 minutes

 

Leading gaming law and regulation conference Regulating the Game has announced the newly appointed CEO of Entain Australia and New Zealand as its first Featured Speaker for its March 2026 event in Sydney.

The conference is scheduled to take place from 9 to 11 March 2026 at the Sofitel Sydney Wentworth.

Andrew Vouris, who was appointed CEO of Entain Australia and New Zealand in August, brings almost two decades of leadership experience in wagering, operations and innovation at some of Australia’s largest wagering operators.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

His career spans senior leadership roles in Tabcorp’s multi-billion dollar wagering and media business, heading global operations of a pioneering esports and wagering platform, and partnering with private equity to build early-stage ventures in esports. Across these roles he has been deeply engaged in navigating complex regulatory and compliance challenges.

Since stepping into the CEO role at Entain Australia and New Zealand, Vouris has outlined his desire to embed a culture of “win, but not at all costs”, to return to the basics of selling bets and to lead innovation while ensuring customers are protected.

“I am grateful for the opportunity to speak at Regulating the Game 2026, which provides a unique global platform for advancing dialogue between regulators, industry and thought leaders,” Vouris said.

“At a time when public expectations and regulatory demands are at an all-time high, I look forward to sharing Entain’s vision for balancing sustainable growth, compliance leadership, and customer protection.”

Paul Newson, Principal at Vanguard Overwatch and founder of Regulating the Game, added: “Andrew’s leadership vision for Entain and his extensive track record across wagering and esports bring an important perspective to Regulating the Game 2026. His focus on culture, compliance and innovation aligns strongly with the values of the conference, and we are thrilled to feature his insights as part of this year’s program.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post Entain’s Andrew Vouris to Speak at Regulating the Game 2026 appeared first on European Gaming Industry News.

Continue Reading

Australia

AUSTRAC Intelligence Helps Crack Gold Laundering Case Linked to Gambling

Published

on

austrac-intelligence-helps-crack-gold-laundering-case-linked-to-gambling
Reading Time: < 1 minute

 

AUSTRAC intelligence sparked an investigation that helped the Law Enforcement Conduct Commission (LECC) to uncover a NSW police officer who sold more than $1.3 million in family gold bars to fund a gambling addiction.

The officer was found by the LECC to have engaged in serious misconduct after taking 12 gold bars, weighing 50 ounces each that belonged to his uncle and was stored underneath his mother’s house.

He falsified know your customer forms to sell the bullion to 2 dealers, claiming the gold was a birthday gift or inheritance and then he used the proceeds on sports betting apps and later admitted to the false information stating he “needed the money”.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

AUSTRAC first raised the alarm by flagging transactions, including significant gold sales to a bullion dealer with reported money laundering links.

Operation Dartmoor was launched and uncovered the full extent of misconduct.

The officer resigned from the NSW Police Force and has been referred to the Department of Public Prosecutions.

AUSTRAC CEO Brendan Thomas said the case highlights the risks facing the bullion sector.

“Gambling harm doesn’t just drain bank accounts, it can drive desperate people into crime,” Mr Thomas said.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“When gambling turns to addiction, people often look for fast money and that can mean stealing, fraud or money laundering.

“Bullion is portable, valuable and attractive to people wanting to use it illegitimately.

“If you trade in bullion, you are part of the front line in stopping its exploitation.

“Your AML/CTF controls are the difference between being a trusted dealer or a weak link for crime.

“Every transaction is a potential red flag – it’s your responsibility to look twice, and if needed, report it.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post AUSTRAC Intelligence Helps Crack Gold Laundering Case Linked to Gambling appeared first on European Gaming Industry News.

Continue Reading

Australia

Mindway AI and Crown Resorts Partner to Launch Revolutionary Player Protection

Published

on

mindway-ai-and-crown-resorts-partner-to-launch-revolutionary-player-protection
Reading Time: 2 minutes

Mindway AI, a leader in player protection solutions for the gaming industry, is pleased to announce a partnership with Crown Resorts to introduce GameScanner to their Australian operations. This partnership marks the largest global implementation of Mindway’s technology in a physical setting and is the first land-based application in Australia, setting a new industry standard and aligning with Crown’s commitment to safe and sustainable gaming.

GameScanner is an award-winning AI solution, trained by gambling harm experts, researchers, and psychologists, to better enable effective checks, with a focus on player well-being and preventative measures. GameScanner’s highly advanced technology enables operators to understand the risk distribution among their guests, allowing these risks to be identified and addressed to enhance player protection.

“The introduction of this technology at Crown is yet another example of our commitment to continuous safety improvements and harm minimisation,” said Dr Jamie Wiebe, Group EGM of Crown PlaySafe. “This will greatly assist in identifying risks and preventing harms from occurring in the first place, which is a major focus for us at Crown. In collaboration with our Crown PlaySafe initiatives, technology plays a critical role in helping us provide a safe environment and uphold our industry-leading standards for our guests.”

This partnership marks a new era for the growing Mindway AI, as the company expands its application of AI solutions into land-based settings. GameScanner currently engages with just over 12.8 million active players in 64 global jurisdictions each month.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“We are thrilled to partner with Crown Resorts in this significant initiative,” said Rasmus Kjaergaard CEO at Mindway AI. “Our shared vision for player welfare is the foundation of this collaboration. Our move into land-based applications signifies a significant milestone for Mindway AI. With GameScanner, we are reinforcing our commitment to player welfare across all gaming platforms, creating an environment where care and safety are paramount.”

The implementation of GameScanner marks a pivotal enhancement to Crown Resorts’ harm minimisation framework and reiterates the company’s dedication to industry-leading standards.

The post Mindway AI and Crown Resorts Partner to Launch Revolutionary Player Protection appeared first on European Gaming Industry News.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania