Australia’s Star Ent confirms receiving investment interest
Australian casino operator The Star Entertainment Group Ltd has confirmed receiving “inbound interest from a number of external parties” regarding potential investment in the firm. The announcement followed a report by the Australian Financial Review that a consortium led by U.S.-based Hard Rock group had made a takeover proposal for the company.
Star Entertainment said in a filing on Monday that it had “received inbound interest from a number of external parties regarding potential transactions”.
It added: “The nature of the interest to date has been unsolicited, preliminary and non-binding. At this stage, none of the approaches has resulted in substantive discussions.”
Star Entertainment did not identify in the filing the parties that had shown interest in investing in the firm. Trading in the shares of the company in the Australian Securities Exchange was paused earlier today.
The company is currently facing regulatory action in the Australian states of New South Wales and Queensland.
The company’s licence for its flagship Sydney casino (pictured), in New South Wales, was suspended “indefinitely” from October 2022, and placed under state-government supervision.
In March, group chief executive and managing director Robbie Cooke stepped down, with the company saying at the time that the continuation of Mr Cooke’s leadership “was not going to be conducive to the New South Wales Independent Casino Commission (NICC) determining to find The Star capable of becoming suitable to hold a casino licence” in that Australian state.
The licences for the company’s two casinos in the state of Queensland – The Treasury Brisbane and The Star Gold Coast – were also suspended in December 2022, and placed under state-government supervision.
The NICC is currently conducting a second inquiry into The Star’s suitability to hold a casino licence in the state. Lawyer Adam Bell – who led the first public inquiry – is carrying out public hearings as part of the second review.
The Star is building a third casino resort in Queensland, the Queen’s Wharf Brisbane scheme, in partnership with two Hong Kong-based businesses: Chow Tai Fook Enterprises Ltd and Far East Consortium International Ltd. The venue is due to open in August this year.
“The Star remains focused on its remediation activities in New South Wales and Queensland and participating in the Bell Two Inquiry,” said the firm in its Monday filing.
It added: “The Star will keep shareholders informed in accordance with its continuous disclosure obligations.”
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