The Star addresses US takeover rumours in ASX update

The Star addresses US takeover rumours in ASX update

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

  • Conferences

Cvent Accelerate Sydney finds event growth will come from pre-, during and post-event data

Cvent, an industry-leading meetings, events and hospitality technology provider, has concluded its third edition of Cvent Accelerate in Sydney, where technology’s role in catapulting growth was front and centre. The 341 attendees were challenged to think how they are currently using data and additional ways to unlock its potential, particularly across marketing, in scaling event […]

  • Food & Beverage

Four Seasons Hotel Sydney popular Aperitivo returns to Grain Bar

Four Seasons Hotel Sydney is relaunching its popular Aperitivo, now located in the George St venue’s award-winning Grain Bar. Originally launched into Mode Kitchen & Bar in 2023, Aperitivo is inspired by the classic Italian evening ritual where guests enjoy a cocktail, paired with traditional Italian antipasti bites. It became a much-loved offering for Sydneysiders […]

  • Hotels

nb_ OUTRIGGER Kona Resort and Spa completes US$60 million renovation

Hawai’i’s OUTRIGGER Kona Resort & Spa has completed its US$60 million (AU$90 million) renovation as is once again ready to welcome guests to Keauhou, a name that signifies “New Era”. The revitalised 511 guest rooms/suites and meeting spaces blend the property’s heritage and reverence for voyaging with modern aesthetics. The concept of “koi au” inspired […]

  • Events

Merlin Venues Sydney partners with bespoke catering

Merlin Venues Sydney, the events arm of Merlin Entertainments, has announced a new partnership with Sydney-based culinary experts, Bespoke Catering ahead of its event season. Merlin Venues Sydney hosts a range of unique public and private events across their four leading attractions in the city. These include the iconic SEA LIFE Sydney Aquarium, WILD LIFE […]

  • Business
  • Events
  • Exhibitions

Sprintr launches world’s first 100% recyclable kiosk for delegate registration

Sprintr has launched its sustainable, lightweight, modular EcoKiosk for delegate registrations, to support the events industry in reducing its carbon footprint. Made from Re-Board® Technology, a durable, versatile, lightweight, printable and 100 percent recyclable product, this impressive design gives the business events industry the option to reduce their environmental impact and deliver on sustainability KPIs. […]