The Star rejects offers for Destination Brisbane stake
The casino operator has confirmed that it received proposals for its 50 per cent interest in Destination Brisbane.
Australia.- The Star Entertainment Group says it has rejected confidential non-binding offers from Chow Tai Fook Enterprises Limited (CTFE) and Far East Consortium International Limited (FEC) for its 50 per cent stake in Destination Brisbane, which owns The Star Brisbane integrated resort. The casino operator said its board concluded that none of the proposals provided sufficient value for the company.
The Star said it will continue to engage with CTFE and FEC to see whether a better offer can be reached.
It said: “There is no certainty that any transaction will be concluded. As recently noted in its quarterly activities report for the second quarter ended December 31, 2024, the group continues to explore possible liquidity solutions. While discussions continue with respect to a range of different solutions, there is no certainty that any of these discussions or negotiations will result in one or more definitive arrangements that might materially increase the group’s liquidity position. In the absence of one or more of those arrangements, there remains material uncertainty as to the group’s ability to continue as a going concern.”
Blackstone shows interest in The Star
The US investment fund Blackstone Group is reportedly interested in acquiring The Star Entertainment Group. According to reports, Blackstone could make an offer once the casino operator enters voluntary administration.
The group bought Crown Resorts in 2022. There’s speculation that New South Wales’ government could be swayed to allow one company to own both Sydney casinos, given The Star’s financial difficulties.
In January, The Star said it planned to sell The Star Sydney Event Centre and some other spaces at The Star Sydney to Foundation Theatres for AU$60m (US$37.5m). It has executed an exclusivity arrangement and binding term sheet setting out key terms.
