During the 2022-23 financial year Star lost $2.44 billion. In the 2023-24 financial year the company sustained losses of $1.69 billion. In the following years, the company has continued to struggle. There has been speculation that they could be acquired by a larger company or they could go into administration.
Takeover attempts & sale of assets In May 2024, it was reported that multiple suitors were looking to acquire Star Entertainment and their assets.
Hard Rock International was said to be weighing a bid for the struggling company, but they subsequently stated that they were not looking into acquiring Star Entertainment. On 29 January 2025, as part of possible sales of non-core assets of the company, the company announced it would sell
The Star Sydney Event Centre and unspecified spaces within the complex to Foundation Theatres in order to raise $60 million. The sale of the Star Sydney Events Centre was complete in April of 2025. On 10 February 2025 Star announced it knocked back 'several' inquiries from prospective foreign investors for Queen's Warf, citing that they undervalued the asset, but is in talks with
CTFE and
FEC on whether to relinquish its stake in Queen's Warf. Later in February, it was reported that
Blackstone Group was mulling an acquisition of Star Entertainment Group. Blackstone already is in the global casino business and owns Australian rival
Crown Resorts so it may not go through on anti-competition concerns, though reports speculate authorities' stance may be soften in this special case. The group has particular interest in the company's
gambling machine assets. It is also specualated Blackstone will only intervene
if the company collapses. In order to attempt to keep Star afloat, the company attempted to sell its stake in The Star Brisbane. The company had also secured a $200 million loan. Chow Tai Fook and Far East Consortium would have assumed Star’s stake in The Star Brisbane and will also assume all debts incurred by the property.
Chris Wallin was also planning to give Star Entertainment the $200 million loan which would have been intended to help keep the company solvent for the time being. On 7 March the company agreed to sell its stake in Queen’s Wharf for only $53m in installments, but the deal collapsed.
Acquisition by Bally’s Corporation Bally's Corporation emerged as a possible bidder for the company in February of 2025. It had been reported that they sent representatives to meet with Star officials in Australia. Bally’s does not run any properties outside of the US. In March of 2025,
Bally's Corporation submitted a bid to rescue Star Entertainment. Ballys was offering $250 million for a 50.1% stake in the company. By April of 2025, Star was looking to Ballys to rescue the company. On 7 April 2025, Star Entertainment and Bally’s reached an agreement where Bally's will acquire a controlling 56.7% stake in the company, effectively rescuing Star Entertainment from collapse. The $180 million deal will allow Star to keep all three of their properties and will allow Bally's to expand outside of the US for the first time in the company’s history. On 25 June 2025, shareholders approved the Bally’s takeover bid.
2025: Bankruptcy speculations The share price saw a catastrophic 40% sell-off between 8 and 11 January 2025, becoming the worst performing business on the
ASX, only selling for over a dime. This followed a release of a very bleak financial report over the previous quarter, particularly that it burned through $100 million in the quarter, and fears the company has a 50-50 chance of collapsing into
voluntary administration by the end of February. Angus Hewitt, an equity analyst at
Morningstar, Inc., cites weak consumer sentiment and restrictions such as mandatory carded play as significant factors. There are also fears that its portfolio will be divested or shuttered, with the
Queen's Wharf, Brisbane precinct opening just the previous August, as well as that the company collapsing will wipe out investors or workers. The
Queensland Government has said that it is in talks to support the South East
Queensland workers should something happen, but has ruled out intervening on the actual company. Two out of three Star properties operate in Queensland. The share price bumped up to $0.13 on 13 January after mystery speculators bought up shares of the company, amid an otherwise dismal day on the stock market after inflationary revelations. By February of 2025, it was reported by
Sky News Australia that Star Entertainment “could enter administration within a week”. The company has been unable to secure enough cash to offset it’s liquidity crisis. Ross Greenwood who is the business editor at Sky News reported “Sources close to the financially troubled Star Entertainment have revealed to us that the company could enter administration within a week as its cash reserves again run dry”. The company would need an immediate cash injection in order to remain solvent. Later that month
Oaktree Capital Management offered a $650 million loan to help refinance the company's debt.
Trading halt On 28 February 2025, Star Entertainment Group was forced into a brief trading halt "pending a further announcement", after not posting its overdue half-yearly financial results until it received "liquidity proposals [which are feasible in] determining whether the Company can continue as a going concern...and the ASX determines that the Company’s shares should be reinstated to quotation [on Monday]". On Monday 3 March, the company was placed into a compulsory second trading halt by the
ASX after not posting its half-yearly earnings in the end, putting such deals in jeopardy as a result and thousands of jobs at risk as a collapse is potentially imminent. It reportedly has spent $50 million in a month over just $75 million cash at hand in the previous report. The company is reported to be waiting for access to proceeds from its asset sales, which are currently waiting for state approval, as well as a separate "
bridge loan", before it can refinance itself. If it cannot get the funds, it will be forced into administration. With the company asking for financial support from the states, the states have reiterated their hesitancy to contribute, with NSW premier
Chris Minns saying they are not using their taxpayer money on casinos rather than roads, EDs and schools. The company was at risk of entering administration in early March before securing a $200 million loan.--> The company was also able to sell Queen's Warf, receiving multi million dollar installments and fees to stave off administration, following conflicting reports of collapsed negotiations. ==See also==