Star Entertainment Group’s decision to sell its Sydney events space has been labelled the “middle of the end” for the embattled casino operator as it tries to avoid entering administration.
– which it had previously described as a $100m venue – to Foundation Theatres .Star’s move was criticised by the CEO of Inside Asian Gaming 's CEO Andrew W Scott , who said this signalled a dire position for the company.
He questioned why Star, which said it was continuing to work on “other potential non-core asset transactions”, would consider its event space a non-core asset.
Star has sold its event space for $60m as it looks to raise cash. Picture: John Feder/The Australian. While Mr Scott raised alarms about the recent sale, Paul Nicolaou, the executive director of Business Sydney, praised the move as critical to keeping thousands of Star’s employees working. While the sale would result in loss of future income from the events, Mr Nicolaou pointed to other assets in the precinct that could facilitate it in the long term."There plenty of hotels with major facilities that are around that can service that need.
"Star's in a pretty precarious position and there is a chance that Star falls into administration and selling this asset is a step on the way to avoid that outcome," Mr Hewitt told SkyNews.com.au.
Inside Asian Gaming Andrew W Scott Angus Hewitt Paul Nicolaou Star Entertainment Group Casino Group Star Casino Star Sydney Event Space
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