Star Entertainment Divests A$60 Million Event Centre To Foundation Theatres Amidst Cash Concerns
Australia's Star Entertainment Group has agreed to sell its Star Sydney Event Centre to theatre owner Foundation Theatres for A$60 million ($37.51 million). The divestiture, facilitated through Star's unit, The Star Entertainment Sydney Properties, includes an exclusivity arrangement and binding term sheet.
This move comes amidst financial challenges for Star, which expressed concerns about liquidity and cash availability earlier this month. As of the December quarter, the company had only A$79 million in accessible cash.
Star is also facing multiple regulatory inquiries and extended casino closures. Despite this, the company reported a reduced loss in its second quarter earlier this month.
($1 = 1.5995 Australian dollars)