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Blackstone Could Wait for Star to Be Placed Under Administration
Blackstone is reportedly pondering a potential takeover of struggling Star Entertainment, but the U.S. firm may hold off until the Australian casino operator officially enters administration

Blackstone, a major alternative asset manager with over $1 trillion in assets under management, is reportedly eyeing ASX-listed group that owns and operates The Star Sydney, The Star Gold Coast, and Treasury Brisbane, Star Entertainment.
Different Approach
Instead of making a regular move, the NYSE-listed company that serves institutional and individual investors and has deep roots in the gaming sector has opted for something different.
Namely, it would appear that the investment giant may be looking to wait until the struggling Australian casino company is placed into voluntary administration.
The group has been preparing for this move by invoking safe harbor provisions to shield its directors from debt liabilities in the event of insolvency.
The speculation feeds growing rumors regarding Star, which has been at the center of financial uncertainty in recent weeks.
Last week, reports emerged that Cerberus Capital Management was negotiating with Star’s creditors to purchase a portion of its AU$400 million (US$251 million) debt.
Lenders appear skeptical that the embattled operator can repay what it owes, fueling concerns over its long-term viability.
Reserves Running Out
Star recently raised $37.5 million by selling The Star Sydney Event Centre and associated properties to Foundation Theatres.
While the deal brought in a much-needed cash infusion, analysts are still cautious about the group’s financial reserves, which, given the current cash burn rate, may only last a few more weeks.
As of December 31, 2024, Star’s available cash amounted to only AU$78 million (US$48.5 million).
Not even the emergence of Macau-based petrochem mogul Xinchun Wang as the group’s second-largest investor holding 6.52% of voting power, along with efforts to negotiate tax reductions with state governments, didn’t manage to ease concerns about Star’s financial survival.
If insolvency becomes inevitable, Star could voluntarily enter administration under the oversight of Australian authorities.
At that point, Blackstone might make its move, as suggested by various media sources.
Competition Concerns May Arise
One potential challenge for Blackstone is its existing ownership of Crown Resorts, which operates casinos in Melbourne, Perth, and Sydney.
Normally, New South Wales regulators would oppose a single entity controlling both Crown Sydney and The Star Sydney due to competition concerns.
Nonetheless, with Star on the verge of collapse, lawmakers could change their stance.
In addition to Star’s physical casino operations, Blackstone may also be interested in the Australian group’s extensive portfolio of electronic gaming machines (EGMs) widely distributed in Australian pubs and clubs.
Crown previously sought to acquire these EGMs but failed to ink a deal.
While Blackstone has not publicly commented on its strategy, the firm could address regulatory concerns by divesting certain Star casino properties while maintaining control over the gaming machine operations.
No Stranger to the Gaming World
Without directly running any casinos in the U.S., Blackstone previously owned and managed The Cosmopolitan on the Las Vegas Strip before transferring operational control to MGM Resorts International.
Through its Blackstone Real Estate Income Trust, the company still holds significant real estate assets in the gaming sector, including the majority of the property tied to Bellagio in Las Vegas.
Additionally, in 2021, Blackstone acquired the property rights to Aria and Vdara in a $3.89 billion cash deal with MGM.
If Blackstone ultimately takes a stake in Star Entertainment, it would mark another significant move in its extensive gaming investment portfolio.
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After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
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