HomeGambling IndustryHard Rock denies making an offer to buy out Star Entertainment

Hard Rock denies making an offer to buy out Star Entertainment

3 min. read
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Hard Rock has come up with an official press release to quell rumors that the company is looking to buy out competitor Star Entertainment Group Limited in Australia. The company stated that it was by no means looking or have it tabled an offer to purchase its embattled rival which is facing regulatory headwinds in the Down Under.

A report on Monday started rumors swirling that the international hospitality and gaming giant could be looking to further expand its geographical footprint with an entry into the coveted and highly lucrative Australian market which is undergoing serious reorganization on a regulatory level. Yet, the press release puts such speculation to rest.

Hard Rock International has used the press release to remind speculating parties that it "had not authorized the use of the Hard Rock brand in connection with any proposed bid for Star by any third party," suggesting that the company sees such media rumors as harmful to its overall business plan and long-term prospects.

"Any misuse of the Hard Rock name in unauthorized business dealings is taken very seriously. We are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation," Hard Rock said, possibly taking a shot at the parties outlined by The Australian Financial Review in earlier reporting that Hard Rock could be considering a run at Star Entertainment.

Star would in theory make a good acquisition target for Hard Rock International, with the company running three of the biggest casinos in the country, including one in Brisbane, Gold Coast, and Sydney. Star has confirmed to have received offers from several parties, who have been exploring the possibility of buying the embattled company much like Blackstone Group swept in to acquire rival Crown Resorts.

One of the parties, according to the Australian Financial Review, was a "group attached to Hard Rock Casinos and Resorts Pacific, which it understood to be a local partner of Hard Rock." Yet, Hard Rock International may not have been aware of these discussions in the first place, as the consortium in question supposedly met with Star representatives and was making use of Hard Rock’s name without the main company’s knowledge.

This is all purely speculative as of the time of writing, and as reported by the Australian Financial Review. Yet, Hard Rock International has given a clear rebuttal that it would not pursue a potential buyout of Star Entertainment.

Image credit: Unsplash.com

21 May 2024
3 min. read
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