Star Entertainment Group has entered a buying and selling halt after confirming it had obtained a “number” of takeover bids.
It comes because the on line casino operator – which has venues in Sydney, Brisbane and the Gold Coast – faces scrutiny from a number of state authorities inquiries along with sanctions.
Star confirmed on Monday “confidential, unsolicited, preliminary and non-binding” curiosity within the business had been obtained.
But a spokesman appeared to downplay these bids.
“The company has received inbound interest from a number of other external parties regarding potential transactions including a consortium of investors which includes the entity Hard Rock Hotels and Resorts (Pacific), which The Star understands is a local partner of Hard Rock,” an ASX announcement reads.
“At this stage, none of the approaches has resulted in substantive discussions,” the ASX announcement says.
“The Star remains focused on its remediation activities in New South Wales and Queensland and participating in the Bell Two Inquiry.”
In the Sunshine State, the place Star runs Treasury Brisbane and The Star Gold Coast, the corporate faces an impending 90-day working licence suspension.
In 2022, The Star was discovered unsuitable to carry a on line casino licence in Queensland after an unbiased evaluation, referred to as the primary Bell inquiry, discovered there had been “major failings” from the corporate.
Star was hit with a $100 million high quality because of this.
The Brisbane and Gold Coast 90-day licence suspension has now been deferred twice.
Last week the Queensland authorities deferred the three-month ban till May 31.
On the final day in May, a second Bell inquiry is because of hand over its report back to the NSW authorities.
Across the border this time, Adam Bell SC has been investigating Star’s threat administration tradition, and whether or not the business has or is ready to acquire monetary assets which can be each appropriate and sufficient for making certain the monetary viability of The Star Casino.
Further, on May 31 Mr Bell’s second report will define Star’s response to the Queensland inquiry, how the corporate internally manages and stories, and the way it complies with inside controls.
Source: www.perthnow.com.au
