Star Entertainment confirms Hard Rock inbound transaction interest

Hard Rock was not the only part to have expressed transaction interest, however.

Hard Rock Hotels & Resorts
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Australia's Star Entertainment Group has confirmed that it has received interest from several external parties about potential transactions, including Hard Rock Hotels & Resorts (Pacific). 

This has been stated in the group’s latest ASX announcement, in response to media speculation about possible corporate activity involving the company. 

As per the announcement, Star Entertainment has received interest from several external parties about potential transactions, including a consortium of investors, with Hard Rock Hotels & Resorts (Pacific), a local partner of Hard Rock, being one of the names among them. The interest shown so far has been confidential, unsolicited, preliminary and non-binding. As of now, these inquiries have not led to any substantial discussions. The group denies that it has received or accepted any direct proposal from Hard Rock.

The interest in transactions regarding the operator comes following several months of regulatory challenges and executive change, as just last month in April, Star Entertainment saw the departure of Chairman David Foster. In March, the operator lost both its CEO and CFO, with its H1 2024 report showing net revenue had fallen 14.6%. 

In April the operator also faced allegations of misconduct following investigations by the NSW Independent Casino Commission, with Gold Coast CEO Jessica Mellor resigning less than a week later. 

Still, Star Entertainment has remained committed to its ongoing remediation efforts in New South Wales and Queensland and its involvement in the Bell Two Inquiry.

The group has assured its shareholders that it will continue to provide updates in line with its continuous disclosure obligations.


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