Cash isn’t the only thing in short supply at Star Entertainment.

Time is also running out for newly installed chief executive Steve McCann to get a deal across the line.

After being suspended for three days from the Australian Securities Exchange, for failing to provide its accounts by last Friday, every hour Star remains banned from ASX trading adds to the company’s reputational damage and the urgency to secure an agreement.

That will be no easy feat. The NSW and Queensland governments are at odds over whether they will deliver tax relief.

The bank syndicate, while open to a deal, is demanding extra security before it advances any more cash, all of which has to be ticked off by regulators and auditors.

Everyone is playing chicken, raising the odds on a high-stakes game of chance.

McCann, who has been in the job just a matter of weeks, has made it clear to all that he’s not interested in putting a stop gap measure in place, that the deal he’s proposing will need to shore up the company’s finances for the long term.

By all accounts, the former Lend Lease chief executive was stunned to discover shortly after arriving that Star’s finances had been drained by huge cost blowouts at its new Brisbane casino development on the river at Queen’s Wharf.

The massive development cost almost twice as much as anticipated.

And while it technically opened last Thursday, it remains a cash drain given the facility is less than 20 per cent leased with work continuing on retail sectors.

Premiers go head-to-head

Queensland Premier Steven Miles has confirmed the state government is amenable to providing tax breaks and is involved in ongoing discussions with the company.

The joint venture carries $1.6 billion worth of debt, half of which has been guaranteed by Star.

McCann wants to write down the value of the company’s assets by $1.4 billion, essentially leaving the new Brisbane casino worthless.

While relatively common knowledge, the company has never made any announcement about this.

So, when a spokesperson for the NSW government this week indicated it was not inclined to offer the casino operator tax relief that may benefit Queensland, it sent emotions running hot.

It is a touchy subject for NSW Premier Chris Minns.

His government has already delivered tax relief to Star, first by backtracking on tax changes flagged by the previous government, and then back-pedalling on the introduction of cashless gaming.

The company’s cash crisis has been exacerbated by the failure of Star’s previous management to sell its old premises, the historic Treasury building, which was converted to house a hotel and casino.

Property group Charter Hall walked away from a $248 million deal to buy the property last June after two years of negotiations.

The company has yet to secure another buyer.

McCann is confident he can pull off the rescue package this week, perhaps even as early as Wednesday.

But it has been a bruising experience for Star and all concerned.

Shareholders, who have stumped up $1.55 billion in the past year, are likely to see their investment value tank when the stock finally does hit the boards again.