The company under the Government’s guidelines for the wage supplement requires GST turnover in the September quarter to be down 50 per cent on the prior corresponding period.
This would mean the Sydney Star casino would qualify.
“The Star Queensland and the group employer entities will not be eligible for JobKeeper phase two,” the company said in a statement to the ASX.
However, the company has also reached an agreement with lenders over its debt covenants.
It said it had secured support from lenders for the testing dates of December 31 and June 30.
“In relation to the December 31 testing date, The Star’s debt providers have agreed to a full waiver of its gearing and interest cover ratio convenants,” Star said.
“In relation to the June 30, 2021, testing date, The Star’s debt providers have agreed to an amendment of its financial covenant ratios resulting in enhanced gearing and interest cover ratio headroom for the testing date.”Jump to next article