Australia’s Star Entertainment (ASX:SGR) sees an impressive rise in shares by as much as 25.1% to A$1.22, potentially the greatest gain since April of 2005, contingent on the continuance of these gains.

This surge comes as the financially beleaguered casino operator enters into an agreement with the Treasurer of New South Wales to modify the existing casino duty rates, as it strives to resurrect its business in Sydney.

This new agreement will feature a transition plan aimed towards affording the company an opportunity to stabilize its operations related to its Sydney casino and stave off any further job cuts.

This has propelled their stock to its highest since the 22nd of May.

Yet, as per the previous close, the stock has decreased by 40.2% this year.

Star Entertainment (ASX:SGR) is a cash-strapped operator of a casino in Australia.