The Star denies receiving Hard Rock buyout proposal

But it has received preliminary non-binding interest from various parties.

Australia.- The casino operator The Star Entertainment Group has denied media speculation that it’s received an acquisition proposal from Hard Rock but said it had received preliminary non-binding interest from a number parties, including from a consortium that includes Hard Rock Hotels & Resorts (Pacific).

The Star Entertainment Group said “the nature of the interest to date has been confidential, unsolicited, preliminary and non-binding.” It added that it remains focused on remediation activities in New South Wales and Queensland and participating in the Bell Two Inquiry. It said it will keep shareholders informed by its continuous disclosure obligations.

The Star Entertainment Group reported net revenue of AU$419.2m (US$271.5m) for the third quarter of the financial year. Revenue was down 4.6 per cent year-on-year. Revenue was highest in January (AU$146.6m).

The company reported that negotiations for the sale of the Treasury Casino, Hotel and car park were progressing. As regards the phased opening of Queen’s Wharf Brisbane, the casino operator said it remains on track for August 2024 with the gaming floors on levels 5 and 6 handed over to the company.