According to the Thursday filing with the Australian Securities Exchange (ASX), the agreement also encompasses ‘incremental liquidity to facilitate the turnaround plan being implemented by the new Star management team’.
While The Star cautions that the term sheet is non-binding and ‘may not lead to a definitive credit agreement’, it notes that The Star and WhiteHawk are ‘working towards a binding commitment by the end of March 2026, and to consummate the Refinancing Proposal by mid-May’.
The gaming operator is confident that it can complete the documentation, due diligence and other conditions of the proposal, noting that ‘a determination of the AUSTRAC case is not a condition’ to its completion.
The Australian Transaction Reports and Analysis Center (AUSTRAC) had previously noted it was seeking a fine for AML/CTF breaches of up to AU$400 million ($284.87 million) from The Star, highlighting its AU$300 million ($213.65 million) investment from Bally’s Corp and Investment Holdings as proof that the operator could afford the hefty penalty.
The Star indicated previously that any penalty over AU$100 million ($71.22 million) could force the group into insolvency.
The Star furthered in the Thursday notice that it is ‘separately engaging with its existing lenders on covenant waivers for the December period to allow time for the refinancing to be implemented’, while also noting ‘there is no assurance’ that this will lead to successful waivers on covenants with existing lenders.
WhiteHawk Capital is a private credit investment manager based in Los Angeles, California.
Dingnews.com 26/02/2026