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Packer Buys Stakes in Star Entertainment

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Star Entertainment Limited is one of Australia’s best casino operators, with resorts across the country. Recently, the man behind the operator’s biggest rival, Crown Resorts, decided to buy shares in the firm. All of this comes after the Genting Group decided to sell off their shares to Star’s investor, Ellerston Capital Limited.

Star Entertainment - Australia

More About the Purchase

More so, Ellerston Capital only holds a 5% stake in Star Entertainment. However, James Packer’s controversial decision to buy 25% shares in Ellerston Capital may just be a stroke of genius. It’s no secret that Crown Resorts have had a streak of bad luck, so the move might be Packer’s attempt to earn extra cash.

Star Entertainment and Genting Group

Earlier in 2017, the Genting Group had announced plans to buy a higher stake in Star Entertainment. However, in July, that decision was overturned when they folded their hand and sold a 5.6% stake for US$181.9 million (AU$229 million). The money is expected to help the Genting Group stay afloat after helping fund a Massachusetts casino resort.

However, the resort has been halted following a lawsuit against the Mashpee Wampanoag Tribe hopes to operate a resort. The lawsuit claims that the tribe should not be exempt from local gaming laws after being granted 320 acres by the state. More so, the district court ruled against the tribe, who are now waiting for the Boston Court of Appeals to make a decision.

Star Entertainment Casinos

The premier casino operated by Star Entertainment is the Star Sydney, which is situated in the middle of the capital. Overlooking Darling Harbour, the casino has more than great views going for it. Additionally, the casino operator also manages casinos in Brisbane and Gold Coast City. More so, they also have an AU$1.9 billion casino resort on the cards for Queen’s Wharf in Brisbane.

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