Star earnings outlook worsens as it prepares for new owner Bally's
Star Entertainment is continuing to lose money across its precincts, with the introduction of cash limits and mandatory identification cards at its Sydney casino plunging the group into a quarterly loss.
The ASX-listed casino operator told investors on Wednesday there was still material uncertainty regarding its ability to continue as a going concern, posting an earnings before interest, tax, depreciation and amortisation (before significant items) loss of $21 million in the quarter ending March 31.
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News.com.au
an hour ago
- News.com.au
Return of the IPO market good news for miners
IPOs have ground to a halt, with no mining listings on the ASX through May But a wave of new explorers and producers are about to hit the bourse Delta Lithium's gold spinout Ballard Mining and Telfer owner Greatland Gold among the high profile names While markets have been volatile in the past few months, a positive sign for the mining market is a pick-up in initial public offerings. Lion Selection Group (ASX:LSX) managing director Hedley Widdup recently pointed out that IPOs were one of the best barometers of the mining cycle because they reliably tracked liquidity. 'When liquidity is poor, it is very hard to achieve an IPO of an exploration company, and likewise when liquidity is freely flowing, investors gobble these up,' he said in Lion's recent quarterly report. In the peak of the market, in 2021, there were 105 mining IPOs. That fell to 64 in 2022, 25 in 2023 and 15 in 2024. There have technically been none yet this year. Canada's Marimaca Copper dual listed on the ASX earlier this year but as it did not raise funds, not a single share has traded in the two months since its debut. Southern Cross Gold Consolidated re-listed on the ASX with a new code after merging with Canada's Mawson Gold. 'In 2025 so far, there have been zero IPOs of resources companies that raised new money to achieve a brand-new listing, which is a litmus test that shows liquidity conditions generally remain subdued,' Widdup said. Test starts today Today, the ASX will welcome its first proper resources IPO this year when Robex Resources debuts. Robex is based in Perth but listed in Toronto and managing director Matt Wilcox recently said poor liquidity on the TSX was behind the move to Australia. The Jim Askew-chaired company, which operates a small mine in Mali and is developing the larger Kiniero mine in Guinea, raised $120 million in its IPO. Meanwhile, new Telfer owner, London-listed Greatland Gold, is pushing ahead with its ASX cross listing which is expected to raise $50 million. Robert Friedland's Ivanhoe Atlantic, developer of the Nimba iron ore project in Guinea, is expected to launch an Australian IPO shortly. CEO Bronwyn Barnes, who also chairs ASX-listed explorer Indiana Resources (ASX:IDA), said Australia was the right place to list Ivanhoe. 'When you're talking about the market that understands iron ore, Australia is a perfect market for this company and for this product, and it also has a very strong familiarity of African projects,' she told the recent AFR Mining Summit. 'But a little bit more broadly than that, at Ivanhoe Atlantic, we've got a bit of a bigger vision about what we'd like to do, not only with the Nimba project, but other projects that we're interested in acquiring. 'And I think being present on the ASX platform gives us opportunities to either acquire or partner with other existing assets or companies on the development of other assets.' AIM-listed Ariana Resources and Toronto-listed Orezone Gold are also progressing Australian dual listings. Right time for Delta Last month, Delta Lithium (ASX:DLI) announced it would spin out its Mt Ida gold project in Western Australia's Goldfields into new company Ballard Mining. Mt Ida has a resource of 10.3 million tonnes at 3.33 grams per tonne gold for 1.1 million ounces of gold. Delta managing director James Croser told Stockhead the company had focused on getting the Mt Ida gold project to a point where it could support a listing, which would allow Delta to countercyclically focus on its lithium projects. 'The gold market timing has lined up nicely as well, and it just seems like the best time for us to set it free,' he said. On Friday, Ballard lodged a prospectus for a $25-30 million IPO, led by Bell Potter Securities and Argonaut. 'The quantum of the raise was a much-discussed number,' Croser said. 'We felt we probably could have got some more, and the market would have delivered on that … the valuation we've put on those 1.1 million ounces that exist there, they're really compelling metrics, and the market will see that, and it has seen that, and a lot of the feedback we've got is that it is extremely well priced. 'That was by design, because you've got to leave something on the table for the new money to enjoy an uplift and you really want to establish that momentum early on in the life of a listing, and we think it's going to run pretty hard and be very successful, and I can't wait to see it happen.' Delta will retain a 46-49% stake in Ballard, depending on the final amount raised. Croser will sit on the board, which also features former De Grey Mining chairman Simon Lill, while Delta chief development officer Paul Brennan will resign to become managing director of Ballard. Former Ramelius Resources (ASX:RMS) and Wildcat Resources (ASX:WC8) chief financial officer Tim Manners will be Ballard's finance director, while Gold Fields' former Australian boss Stuart Mathews will be a non-executive director. Juniors awakening Ballard, which is aiming to hit the board in mid-July, isn't the only explorer on the way to the ASX. Bauxite developer VBX is scheduled to list on the ASX next week after launching a $10 million IPO last month. The company is planning to use the funds to complete a definitive feasibility study on its Wuudagu bauxite project in WA's Kimberley region, which has a resource of 95.9Mt and a reserve of 59.3Mt. VBX also holds the earlier stage Takapinga bauxite project in the Northern Territory. Last week, LinQ Minerals lodged a prospectus for an IPO to raise $7.5-10 million. LinQ is chaired by Clive Donner, a former investment banker and founder of mining private equity fund LinQ Group. The company owns the Gilmore copper-gold project, south of Evolution Mining's Cowal mine in New South Wales. Gilmore has a resource of 1.2 million ounces of gold and 120,000 tonnes of copper. LinQ is aiming to close the IPO on June 20 and list on July 4.
AU Financial Review
3 hours ago
- AU Financial Review
ASX to rise, S&P 500 edges higher despite data
Australian shares are set for a modest opening advance, in line with similar modest gains in New York after data pointed to broader weakness in the US economy. A contraction in US service providers and a deceleration in hiring drove bond yields down across the US curve. The data led traders to reinforce their bets that the Federal Reserve will be forced to cut interest rates at least twice this year to avert a recession. The reports came on the same day as President Donald Trump imposed 50 per cent tariffs on most imports of steel and aluminium. Economic activity declined slightly in the US in recent weeks, indicating tariffs and elevated uncertainty are rippling across the economy, the Federal Reserve said in its Beige Book survey of regional business contacts, released at 2pm New York time. Market highlights ASX futures are pointing up 9 points or 0.1 per cent to 8574. All US prices near 2.30pm New York time. Today's agenda A new data set from the ABS is set to provide insight on consumers: the monthly household spending indicator. In addition, Thursday data includes April's trade balance. Later, policymakers at the European Central Bank will meet. The US is scheduled to release its April trade report and initial weekly jobless claims, a day before the May nonfarm payrolls report. Top stories Greens and Labor close in on $3m super tax deal | The Greens have pledged strong in-principle support for the controversial policy to ensure 'wealthy Australians pay their fair share of tax'. | China has condemned Australia and its allies for stoking regional tensions. | Opposition Leader Sussan Ley has rebuked former party president Alan Stockdale after he said female members were so 'assertive' men may need quotas. | He's 'fair' and seems 'nice enough'. Flight Centre's Graham Turner reckons he'd 'class him as an introvert'. But the former Bain consultant is about to go big.
Sydney Morning Herald
9 hours ago
- Sydney Morning Herald
‘What Australia needs': Qantas' chief rival looks to soar back onto ASX
Investors and stakeholders have greeted the terms of Virgin Australia's public listing with enthusiasm as the country's second-largest airline seeks to promote a more employee- and consumer-friendly image in the wake of rival Qantas' record. Bankers for Virgin Australia are offering shares in the airline to investors at $2.90 apiece for its much-anticipated relisting on the ASX after a four-year odyssey through administration and privatisation. Transport Workers Union assistant national secretary Emily McMillan said she was 'cautiously optimistic' for Virgin's IPO. 'I think overall, it is positive.' 'Now we're dealing with a stable, growing, profitable airline, which is what Australia needs – and certainly, what its workforce needs.' As Virgin Australia struggled out of administration in 2020 and rebuilt a more simplified domestic business, Qantas – under the leadership of then-chief executive Alan Joyce – was engaged in a series of industrial relations battles that appeared to damage its public image. Following a case that pitted Qantas against the TWU, the airline agreed in 2024 to pay $120 million in compensation to 1820 ground staff whose contracts were found to have been illegally terminated during the COVID-19 pandemic. Private equity owner Bain Capital will sell about 30 per cent of Qantas' biggest rival, expecting to raise $685 million via the initial public offering, which would value the company at close to $2.3 billion. The $2.90 price tag for the stock represents a multiple of seven times the airline's expected earnings this financial year, the bankers handling the sale said in their pitch to investors. That's cheaper than Qantas shares, which trade at around 10 times expected earnings for the same period.
