The Star Entertainment completes $60m Sydney event centre sale
Regulatory approval clears way for asset sale and subsequent investment move.
Key points:
– The Star Entertainment Group has completed the $60m divestment of The Star Sydney Event Centre and other assets to Foundation Theatres
– The transaction follows approval from the NSW Independent Casino Commission, with conditions on the release of funds from escrow
The Star Entertainment Group has completed the sale of The Star Sydney Event Centre and additional spaces within the complex to Foundation Theatres for $60m. The transaction has now been finalised following regulatory approval from the NSW Independent Casino Commission (NICC).
The NICC consented to the transaction under the condition that the proceeds, totalling $58.1m, be held in escrow. The funds will be released once shareholder approval is obtained for a separate $300m investment with Bally’s Corporation.
The $60m exclusivity fee paid by Foundation Theatres has been placed in escrow, with the full amount to be released following a shareholder meeting scheduled for late June 2025.
Good to know: Should shareholder approval not be obtained, the release of escrow funds will depend on the satisfaction of certain financial conditions outlined by The Star
The Star Entertainment Group has also entered into a binding agreement with Bally’s Corporation for a $300m investment. As part of the deal, Investment Holdings Pty Ltd, controlled by the Mathieson family, will subscribe to up to $100m of the investment.
This will reduce the amount of funding from Bally’s to $200m, although the total value of the transaction remains unchanged.
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