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Sunday,  July 14, 2024 4:28 AM 

Hard Rock denies talks over possible Star Entertainment deal

  • Hotels
  •   05-21-2024  8:52 am
  •   Pax Global Media

Hard Rock denies talks over possible Star Entertainment deal
(Hard Rock/file photo)
Pax Global Media

Hard Rock International set the record straight on Monday (May 20), shutting down reports claiming it was interested in purchasing Star Entertainment Group Limited (Star).

Local reports in Australia yesterday said Hard Rock was part of a group seeking to invest in Star, which is an Australian gambling and entertainment company.

A potential takeover by Hard Rock would have provided a financial lifeline to Star, which has been plagued by a regulatory inquiry into its flagship Sydney casino operation and an executive exodus in recent months.

Hard Rock International, however, is distancing itself from the conversation. In a press statement, the company said it is “not involved in, nor has it authorized, any discussions, activities or negotiations on its behalf in connection with a proposed bid for Star.”

“Hard Rock International has similarly not authorized the use of the Hard Rock brand in connection with any proposed bid for Star by any third party,” the company wrote.

The entertainment and hospitality brand went on to say that 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,” the company said, urging stakeholders and the public to rely only on official communications from Hard Rock International for accurate information regarding business activities and partnerships.

When word of a potential bid from Hard Rock made headlines yesterday, Star’s shares shot up 20 per cent, Reuters reports.

Star, which had a market value of A$1.29 billion as of Monday's close, said it had been approached by a consortium of investors which, it says, included Hard Rock Hotels & Resorts (Pacific).

The company later acknowledged Hard Rock’s statement of denial, saying it had not engaged in substantive discussions with the consortium in respect of its proposal.

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