Star Entertainment’s future, which has been hanging by a thread for close on a month, has been saved.

After a second NSW inquiry again found it unfit to hold a casino licence, the group has struggled to secure a financial lifeline and delayed the release of its accounts, which are expected to show huge losses after massive write downs on its assets.

The company’s financial position became so precarious during this period, that sources close to the company told the ABC Star directors discussed the possibility of calling in administrators.

And, while the banking syndicate has agreed to tip in an extra $200 million in new loans to keep it afloat, complications in the rescue continued to the very end.

What appeared to be an agreement with the Queensland government to forgo tax revenue foundered late in the proceeding.

Premier Steven Miles on Thursday morning told an impromptu press conference that the government, which is about to go into caretaker mode before the state election, played no part in the relief program and had yet to agree to any form of tax relief.

“It’s reached a stalemate,” he said.

“There will be no consideration of any kind of arrangement while their executives insist on paying themselves performance bonuses.”

The premier said he was astounded the company would request assistance while paying executive bonuses amounting to tens of millions of dollars and that the government would not be returning to the negotiating table.

“We were very reasonable in considering tax deferral, which is a common arrangement where you have taxpayers who can’t meet their tax obligations,” he said.

“But we wouldn’t entertain that arrangement while executives paying themselves performance bonuses.”

Time is running short for the casino group.

The NSW Casino Commission has called for Star to “show cause” after it was again found to be unfit to hold a licence almost a month ago by a second inquiry from prominent barrister Adam Bell.

That deadline is Friday. As part of the process for assessing Star Entertainment’s response, the commission will need to be satisfied that the company is financially robust.

Chief executive Steve McCann, having renegotiated the banking syndicate finance, at a whopping 13.5 per cent interest, has opted to abandon negotiations with the Queensland government.

Star Entertainment also released its accounts on Thursday, which showed a statutory full year loss of $1.69 billion.

Its profit was dragged down by $1.7 billion worth of significant items.

The company’s financial problems emanate from cost and time overruns at its new Brisbane casino precinct at Queens Wharf.

Not yet completed, it was written down by $819 million with smaller write downs on its Gold Coast and Sydney operations.

Although it is open, the retail and hospitality sections are not yet complete, requiring the consortium to continue funding the construction with little or no revenue.

The company will deliver a briefing late on Thursday and analysts are expected to be concerned that the accounts have not been audited.

The shares, which have been suspended for a month, will resume trading on Friday morning but are expected to come under heavy pressure.