Star receives $250M lifeline from Bally’s Corporation
U.S. casino giant Bally’s Corporation has offered a $250 million funding package to Star Entertainment.For a long time, Star has been struggling with financial issues and...
Star Entertainment considers offers for Queen’s Wharf
Australian gambling operator Star Entertainment has announced that it is considering offers for its stake in the newly launched Queen’s Wharf casino project in Brisbane, Australia.
Despite receiving several bids, including from international investors, the company has rejected these offers, claiming they don’t meet its value expectations.
These discussions come after Star’s financial struggles and growing legal challenges. The company has been suffering with a drop in revenue and a recent A$40m loss after selling its Sydney casino’s events space, which was valued far lower than expected. On top of this, Star also sold the real estate that once housed the Treasury Brisbane Casino.
Star holds a 50% stake in the Queen’s Wharf precinct, where two Hong Kong-based companies, Chow Tai Fook Enterprises (CTFE) and Far East Consortium (FEC), each hold 25%. After reports that the Hong Kong investors were interested in acquiring the precinct, Star confirmed that it had received several proposals for its stake and other assets. Yet, the company rejected these offers, stating that they didn’t offer sufficient value. Discussions with CTFE and FEC are ongoing, but there’s no guarantee a deal will happen.
Legal challenges around The Stars
Star has also been under intense legal scrutiny. Former executives are facing allegations of failing to address risks involving junket operators tied to organized crime. The Australian Securities and Investments Commission (ASIC) has accused them of prioritizing profit over compliance and ignoring risks linked to money laundering activities. Legal proceedings are expected to continue for an extended period.
Star Entertainment secures $53M lifeline
Australian gambling operator Star Entertainment sells a 50% stake in Brisbane’s Queen’s Wharf development to its Hong Kong-based partners, Far East Consortium and Chow Tai...
