Blackstone, a major alternative asset manager with over $1 trillion in assets under management, is reportedly eyeing ASX-listed group that owns and operates The Star sydney, The Star gold coast, and Treasury brisbane, Star Entertainment.
Different Approach
Instead of making a regular move, the NYSE-listed company that serves institutional and individual investors and has deep roots in the gaming sector has opted for something different.
Namely, it would appear that the investment giant may be looking to wait until the struggling Australian casino company is placed into voluntary administration.
The group has been preparing for this move by invoking safe harbor provisions to shield its directors from debt liabilities in the event of insolvency.
The speculation feeds growing rumors regarding Star, which has been at the center of financial uncertainty in recent weeks.
Last week, reports emerged that Cerberus Capital Management was negotiating with Star’s creditors to purchase a portion of its AU$400 million (US$251 million) debt.
Lenders appear skeptical that the embattled operator can repay what it owes, fueling concerns over its long-term viability.
