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.

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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

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•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;

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•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

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•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.

BetMakers Technology Group has announced that it has signed a new racing data and content distribution agreement with Sports Information Services Limited (SIS).

Under the agreement, BetMakers will deliver SIS race data and video content to approved SIS customers and affiliates in Australia and New Zealand via integration with BetMakers’ bookmaker technology platforms, including websites, mobile apps and pricing applications.

The agreement will give BetMakers’ bookmaker clients in the region who also use SIS data and audio-visual services access to video and data for horse racing from the UK and Europe, the Middle East and the Americas and to greyhound racing from the UK and Ireland.

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BetMakers CEO Jake Henson said: “We are pleased to extend our longstanding working relationship with SIS to deliver content and data services to BetMakers’ bookmaker solution clients in Australia and New Zealand. Close integration with partners like SIS allows BetMakers to offer our End-to-End Platform, Embedded Solution and API clients the racing and betting content they demand and to ensure that our solutions continue to deliver the broadest suite of global racing products to heighten player engagement.”

SIS MD, EMEA, Paul Witten, said: “Australia is one of the largest international racing wagering markets and our partnership with BetMakers enables SIS customers to receive a tailored product that suits their local market needs. We are pleased to assist our racetrack partners in ensuring broad distribution continues and look forward to working with BetMakers over the course of the agreement to deliver growth for those partners.”

Leading gambling law and regulation conference Regulating the Game, to be held from 10 to 13 March 2025 in Sydney, has announced Dr Marla Royne Stafford as its first Conference Chair for the event.

Chairing a day of the conference provides an opportunity for industry professionals and regulators to offer unique insights and perspectives, steward the conversation to highlight critical points and stimulate an exchange of ideas and discussions.

Dr Stafford is Professor of Marketing in the Lee Business School at University of Nevada-Las Vegas. She is also a Faculty Scholar with the UNLV International Gaming Institute, Director of Research for the Cannabis Policy Institute and past Executive Associate Dean of Academic Affairs at the Harrah College of Hospitality.

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She is a past William F. Harrah Distinguished Chair, a member of the Board of Advisors for the Nevada Council on Problem Gambling and is currently serving as a guest editor for an upcoming special issue of the UNLV Gaming Research and Review Journal. She is an expert in the responsible gambling arena and her work includes projects with the American Gaming Association and AMZC Limited.

“I am deeply honored and excited to serve in this leadership role at the 2025 Regulating the Game Conference. The Conference is one of the premier annual events in the gaming world, featuring thought leaders and stimulating important discussions in a fast-moving industry. It is truly a privilege to be part of the organizing committee and help advance the needed conversations in policy, regulation, leadership, ethics and the future of the industry,” Dr Stafford said.

Paul Newson, Principal at Vanguard Overwatch, said: “The fact that we are attracting such distinguished figures to Chair a day of Regulating the Game is a clear testament to the conference’s expanding influence and significance in the industry. It’s an exciting time as we continue to bring together the brightest minds to shape the future of gambling regulation.”

Regulating the Game is looking for more candidates to Chair in 2025, specifically seasoned professionals with experience in the gambling sector and regulation, compliance, policy or related fields. The event provides regulators, industry executive or thought leaders this the chance to make a significant impact at one of the industry’s most influential events.