Australia-based financial services firm Perpetual Ltd – and units including Perpetual Investment Management Ltd – has taken a 5.24 percent voting interest in Australian casino operator The Star Entertainment Group Ltd.
Filings, issued separately on Monday to the Australian Securities Exchange by the two companies, said that Perpetual Investment Management has approval – referring to an announcement in July 2012 – from relevant Australian state regulators, allowing it to take a voting stake of up to 15 percent in Star Entertainment.
The newly acquired holding amounts to 43,226,570 ordinary shares in the casino firm. A second filing indicated Perpetual Ltd was not a substantial shareholder prior to the transaction, which was completed on Thursday.
Star Entertainment – known until November 16 as Echo Entertainment Group Ltd – operates The Star casino resort in Sydney, New South Wales; Treasury Casino and Hotel in the Queensland state capital Brisbane; and Jupiters Hotel and Casino (pictured) on Queensland’s Gold Coast.
On November 16, Star Entertainment announced that a consortium that it leads – featuring Chinese partners – had signed development agreements with the Queensland government for a AUD3-billion (US$2.2-billion) casino project in Brisbane.
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"We hope that the earnings power of that building [the Londoner], when we are finished, can rival that of the Venetian [Macao]"
Senior vice president of investor relations at casino operator Las Vegas Sands