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Star Entertainment Divests Non-Core Assets as Search for Liquidity Continues
The buyer, Foundation Theatres, has put forward $60 million for the transaction, subject to settlement adjustments

The Star Entertainment Group announced that it selling non-core assets as the group desperately seeks to secure its financial position.
Star Sydney to Divest Its Event Center
In a release submitted to the ASX, the Australian casino and hospitality company confirmed that its New South Wales-facing branch, The Star Entertainment Sydney Properties, has secured agreements to sell some assets deemed to be non-core to the company’s business.
According to the announcement, these include The Star Sydney Event Center, as well as other additional spaces within The Star Sydney complex. The buyer, Foundation Theatres, has put forward $60 million for the transaction, subject to settlement adjustments.
Star Entertainment noted that the deal is still subject to the finalization of long-form transaction documents and certain customary conditions, such as government and regulatory approvals.
Star Entertainment clarified:
Foundation Theatres will pay a $60 million exclusivity fee in respect of the transaction into escrow on or before 31 January 2025 which will be released to The Star as consideration for the disposal subject to finalization of the long-form transaction documents and satisfaction of conditions.
Star Entertainment statement
The Star Is Happy to Sell the Assets to Foundation Theaters
Once the transaction has been completed, the consideration amount will be held in the group’s disposal proceeds account, which has been created under the terms of Star’s debt facility. It will notably constitute restricted cash.
The Star CEO Steve McCann commented on the matter, saying that his team is pleased to partner with Foundation Theaters.
The Star has worked closely with the team at Foundation Theatres since they acquired the sublease for the Sydney Lyric in 2011. We are pleased to partner with them as part of the continued evolution of our broad entertainment offerings at The Star Sydney.
Steve McCann, CEO, The Star
Star Entertainment expects to close the deal by February 28, 2025. McCann added that, in the meantime, the company is exploring sales of other non-core assets.
The Company’s Financial Trouble Worried Investors
The announcement comes shortly after Star Entertainment published its financial report for the second quarter of the fiscal year. In its report, the company outlined “limited” opportunities to raise funding in the absence of liquidity solutions.
The group’s overall metrics continued to decline amid economic and regulatory setbacks. While the company’s operating expenses also decreased due to the closure of Treasury Brisbane, Star Entertainment confirmed that fulfillment of its conditions for drawing the second tranche of its new facility remains elusive. The company confirmed that it is seeking external advice.
In any case, the company’s mixed results and precarious position have had a negative impact on its shareholders’ trust. Investors have gradually been losing tolerance, despite the leadership’s calls for patience. The rapid decline in the company’s available cash between September 2024 and December 2024 did little to improve this trend.
As a result, The Star’s shares have taken multiple blows, although the past few days have seen a slight rebounding.
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