The Star addresses US takeover rumours in ASX update

Sydney, Australia - February 12, 2012: Big letters spelling The Star stand outside the entrance to the recently refurbished casino and entertainment complex. Formerly known as Star City Casino, it is attempting to revamp its image into that of a premier nightlife destination.

The Star has responded to rumours that it is to be taken over by US hospitality group Hard Rock Hotels and Casinos.

(Featured Image: The Star, Sydney)

Over the weekend, The Australian Financial Review reported that the US group had engaged KPMG for a buyout pitch to The Star.

Following a brief trading halt this morning, The Star directly addressed the claims in an update to the Australian Securities Exchange (ASX).

It said that the group had not directly been approached by the US hospitality group, but had instead received interested from a consortium of investors which included the local division of Hard Rock Hotels and Casinos.

“The nature of the interest to date has been confidential, unsolicited, preliminary and non-binding … At this stage, none of the approaches resulted in substantive discussions.”

According to the AFR, the proposal would see The Star rebranded and its properties separated from the casino operator.

“If successful, the proposal would transform Star’s properties into entertainment destinations less reliant on casino revenue and focused on live music, food and beverages, and hotels,” the report added.

Hard Rock Hotels and Casinos owns The Mirage in Las Vegas along with tens of other casinos. They have been rumoured as trying to enter the Australian market for quite some time now.

The Star is currently facing a second inquiry into its Sydney casino operation and reported a $2.44 billion loss during FY23. Its CEO and finance chief stepped down in recent months and its license to operate its Sydney casino was suspended in 2022 after it was found to have failed to prevent criminal activity and money laundering.

 

 

 

Latest News

  • Aviation

Low-cost Indian carrier SpiceJet continues to burn cash

It’s not just low-cost Australian carriers that are facing hardship. SpiceJet, India’s version of Bonza, recently announced a 72 per cent reduction in its net loss versus last year. But, despite this improvement, the airline has posted losses for six straight years. But it has secured board approval to raise up to INR 30 billion […]

  • Attractions

SAKA Museum recognised in TIME magazine’s World’s Greatest Places 2024

AYANA Resort Bali’s newly-opened cultural and events centre, SAKA Museum has been recognised in TIME magazine’s World’s Greatest Places list for 2024. Part of AYANA Bali’s resort destination, the museum integrates Bali’s rich history with state-of-the-art facilities, making it the centrepiece for the island’s spiritual and cultural heritage. TIME magazine’s inclusion of SAKA Museum in […]

  • Cruise

Silversea taps Barbara Biffi as senior vice president for global sales

Ultra-luxury and expedition cruise travel brand, Silverseas, has announced Barbara Biffi as its new senior vice president of global sales. Biffi joined the company in 2007, holding numerous positions and gaining a deep understanding of the brand, the preferences of its guests and its strategic goals, the company said. An Italian national with a wealth […]

  • Technology
  • Travel Agents

Amadeus welcomes FCM Travel as new reseller partner of Cytric Easy

Cytric Easy, the travel management tool embedded in Microsoft Teams, is to be integrated into FCM Travel portfolio. Amadeus and FCM Travel have extended their Cytric distribution agreement to include Cytric Easy. With this new agreement, global travel management company FCM Travel, becomes a reseller of the innovative travel management collaboration solution embedded into Microsoft […]