The Star’s new loan comes with strict conditions, requiring the company to come up with an additional $150 million – which could mean selling off one of its properties – and a long-term strategy. McCann also said the group was committed to selling assets, which may include hotels in Sydney, the Gold Coast and its Treasury Brisbane assets. Under the sweetheart deal, branded as a way to protect NSW jobs, the Minns government agreed to lower a tax rate hike on poker machine duties proposed by the Coalition. 'Operating conditions are weak, with mandatory carded play and poor consumer sentiment,' he said. Shortly after, Morningstar analyst Angus Hewitt made headlines with a note to investors putting the company's chance of short-term survival at 50-50. Once trading resumed, shares fell by more than 15 per cent to a low of 10 cents at noon before plateauing at 11 cents per share. The anti-money-laundering regulator AUSTRAC is also determining a fine that could run to hundreds of millions of dollars.
As part of the transaction, Vici also will assume and repay up to $426 million of Golden’s debt. If administrators are appointed, Mr Jones said he expects state governments in New South Wales and Queensland will work with unions, lenders and administrators on efforts to protect jobs. "They're not highly paid people — they're struggling with the cost of living as everyone else is and they can't afford to take a pay cut."