"There remains material uncertainly regarding the group's ability to continue as a going concern," the casino operator said on Friday after announcing a $471.5 million full-year loss, compared to a $1.7 billion loss the year before.
Star cited six items critical to its financial outlook including a looming money-laundering penalty from financial watchdog AUSTRAC, which has proposed a $400 million fine.
Also among them is its ability to restore its casino licences and completing a $300 million investment from Bally's and pub baron Bruce Mathieson.
Star also owes $434.3 million to its senior lenders and needs them to continue to waive financial covenants, with September 30 the next deadline for a waiver.
The company this week said it was in discussions with its lenders, but they had so far been unable to come to terms.
"The SFA lender group has proposed various terms in exchange for providing the requested covenant waivers which, in aggregate, are unacceptable to The Star," it said.
If Star cannot reach agreement it would need to find another lender willing to refinance the debt, or lose control of its business.
September 30 is also around when Star will learn whether it will keep its NSW casino licence, which has been suspended since October 2022, although the Star Sydney has remained open during that time under the control of a regulator-appointed manager.Â
In March, the NSW Independent Casino Commission extended the manager's term to September 30, at which time it said it would reassess the Star Sydney's suitability for a casino licence.
"Our announcement today highlights a number of key interdependencies that are critical to the group's future," CEO and managing director Steve McCann said.
"The group continues to require significant support from a range of its stakeholders including governments, regulators, lenders and investors.
"Without that support it will be difficult to navigate the various challenges facing the group and to create a sustainable future for the business."
Star said it had $189 million in available cash as of Monday, $45 million less than it had as of June 30, partly because it paid $16 million in back-taxes during that time.
The company said it brought in $92.1 million in revenue and incurred a $7.4 million operating loss in July, slightly ahead of its June quarter average.
Star is due to receive another $67 million in funds from Bally's and Mr Mathieson by October 9, the last tranche of their $300 million investment.
Earlier in August, Star executed a binding agreement to sell its half-stake in the debt-ridden entertainment hub Queen's Wharf Brisbane to its Hong Kong partners, in return for their stake in the Star Gold Coast.
Group revenue was down 29 per cent to $1.2 billion in 2024/25, which Star said reflected challenging trading conditions.
That is partly blamed on a loss of business through mandatory carded play and cash limits imposed by regulators at The Star Sydney.
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