Australia’s Star Entertainment Group confirmed Monday it had received a number of “unsolicited, preliminary and non-binding” approaches regarding potential takeover moves following reports that US casino operator Hard Rock Hotels and Casinos has made an approach.
The Australian Financial Review reports that a consortium led by Hard Rock is interested in acquiring and potentially rebranding Star, whose shares have plummeted in recent times following two inquiries – one ongoing – into its suitability to hold a casino license for The Star Sydney. The report claims Star received the proposal “recently” but does not elaborate any further.
In an ASX filing, Star said it “notes certain media articles speculating on potential corporate activity involving The Star” and confirmed interest from “a number of external parties regarding potential transactions. The nature of the interest to date has been unsolicited, preliminary and non-binding.”
However, it added, “At this stage, none of the approaches has resulted in substantive discussions. The Star remains focused on its remediation activities in New South Wales and Queensland and participating in the Bell Two Inquiry.”
LATEST UPDATE (8:30am Macau time): Immediately after going to press at 8am Macau time, IAG contacted Hard Rock and the company has advised that despite the Australian Financial Review media report to the contrary, “Hard Rock is not a member of any group looking to acquire Star, or leading any such initiative.”
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