Star Entertainment Group, one of Australia’s leading gambling and entertainment companies based in Brisbane, has publicly announced that it is collecting AUD$800 million, which is approximately 545 million US dollars, to pay back its debt and will suspend dividend payments.

The debt arose as the company posted a record statutory net loss for the first half of the year ended December 31 of AUD$1.26 billion, compared with a loss of AUD$74.2 million a year earlier.

Capital raising as a reason for statutory loss:

This loss was due to difficult business conditions in Sydney.

In this regard, company officials said: ” The half-year financial results included a $1.3 billion in what we would describe as one-off costs, like the exp…