JPMorgan exits Star Entertainment due to regulatory troubles
JPMorgan Chase & Co. has sold its stakes in Star Entertainment, marking the end of its investment in the Australian casino operator.
Star Entertainment, which owns Star...
Star Entertainment sells Sydney event complex to stay afloat
Star Entertainment Group is struggling financially and has sold part of its Sydney event complex and other spaces for $60 million to Foundation Theatres.
This move comes after a significant revenue drop in late 2024, leaving Star with very little cash to operate. Some experts believe the sale price is too low. However, the company had praised the decision.
Star’s CEO Steve McCann said:
“The Star has worked closely with the team at Foundation Theatres since they acquired the sublease for the Sydney Lyric in 2011. We are pleased to partner with them as part of the continued evolution of our broad entertainment offerings at The Star Sydney.”
To survive, Star even asked the Queensland and New South Wales governments for tax relief, but only Queensland is willing to consider it.
Star is facing serious challenges
2024 has been a tough year for Stars Entertainment. With financial challenges, the company also experienced its team members’ departure and the ending of investments. In December 2024, JPMorgan Chase & Co. sold its stakes in Star Entertainment, marking the end of its investments.
Queensland delays Star’s casino license suspension
The Queensland government has delayed its decision to suspend Star Entertainment’s casino license for The Star Gold Coast and gave the company a chance to show progress in...
