Australia
The Star: New Debt Facility Arrangement
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.
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
•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;
•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
•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
Light & Wonder Signs Multi-year Systems Deal with SkyCity Entertainment
Light & Wonder Inc. has signed a seven-year Platform as a Service (PaaS) systems deal with SkyCity Entertainment Group in New Zealand and Australia. SkyCity will leverage L&W Engage to transform its casino floor and enhance the player experience. This collaboration includes software, hardware and custom development services.
SkyCity will also utilise the L&W Engage cutting-edge system to strengthen responsible gaming measures and customer engagement efforts. The technology includes loyalty features and tools that support safe, enjoyable gaming while fostering long-term, positive customer relationships.
“Light & Wonder is committed to delivering innovative technology that drives our customers’ success while fostering a responsible gaming environment. Our solutions are designed to enhance the player experience and boost operational efficiency, and we’re proud that L&W Engage supports initiatives that help our customers thrive responsibly,” said Jon Wolfe, President of Global Systems and Services at Light & Wonder.
“SkyCity is transforming the customer experience with the introduction of 100% carded play at our casinos. The PaaS collaboration with Light & Wonder is the foundation of how we will deliver best-in-class entertainment that prioritizes customer care,” said Judd Hallas, Group Manager Product Performance & Analysis, SkyCity.
Additionally, SkyCity will be upgrading their entire casino floors using L&W’s advanced iVISTA technology platform to further optimise the player interface offering flexibility in enhancing the at-game player experience, facilitating customer service and responsible gaming. Players will interact with the technology at a gaming machine via multi-touch displays, offering immediate response with vibrant animations and videos.
The post Light & Wonder Signs Multi-year Systems Deal with SkyCity Entertainment appeared first on European Gaming Industry News.
Australia
NSW Govt Appoints New Board Members to ILGA
The NSW Government has made appointments to the board of the Independent Liquor and Gaming Authority (ILGA), including a deputy chairperson and two new members.
Associate Professor Amelia Thorpe and Nicholas Nichles have been appointed following a rigorous public expression of interest selection process. Additionally, existing member Chris Honey has been appointed deputy chairperson.
ILGA is a statutory decision-maker responsible for a range of liquor, registered club and gaming machine regulatory functions including determining licensing and disciplinary matters.
The appointments follow the end of the term of appointment for outgoing deputy chairperson Sarah Dinning, and also fill vacancies that existed on the board.
Mr Honey, who was appointed a member of ILGA earlier in 2024, has been named deputy chairperson until the end of his current appointment term (11 February 2027).
Mr Honey has extensive experience in the advisory and restructuring field, including working extensively in highly regulated sectors.
Associate Professor Thorpe and Mr Nichles have both been appointed for four years commencing 6 November 2024.
Associate Prof Thorpe is with the Faculty of Law & Justice at the University of New South Wales and an Acting Commissioner of the NSW Land and Environment Court.
Mr Nichles was previously a Consul General and Senior Trade and Investment Commissioner for Australian Government agency Austrade, based in the US.
The new appointments bring the ILGA board membership to seven. The new appointments will join chairperson Caroline Lamb, new deputy chairperson Mr Honey and current members Cathie Armour, Jeffrey Loy APM and Dr Suzanne Craig.
The post NSW Govt Appoints New Board Members to ILGA appeared first on European Gaming Industry News.
Australia
Australia’s BetStop Receives International Regulatory Award
The Australian Communications and Media Authority (ACMA) has been recognised with an international award for regulatory excellence for the launch of BetStop – the National Self-Exclusion Register.
The International Association of Gaming Regulators (IAGR) announced that the ACMA received the Regulatory Excellence Award at the 2024 global regulators conference, citing the complex delivery and regulatory challenges that were overcome to create Australia’s first centralised exclusion register.
ACMA Chair Nerida O’Loughlin praised ACMA staff who worked on the initiative and the success of the register in helping people make considered and supported decisions about their gambling.
“BetStop – the National Self-Exclusion Register represents a significant enhancement of consumer safeguards available to Australians who gamble,” Ms O’Loughlin said.
“The IAGR award for regulatory excellence is a recognition of the dedication and collaboration of ACMA staff in delivering this important safeguard, which has supported the more than 30,000 Australians registered to date.”
Figures released in August to mark the register’s first 12 months showed younger Australians embracing self-exclusion, with almost half of registrants aged 30 and under and around 80% aged 40 and under.
The post Australia’s BetStop Receives International Regulatory Award appeared first on European Gaming Industry News.
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