Following the report shareholders began forming a class action lawsuit against Star and inquiries were launched by Queensland's, Western Australia's, Victoria's, and New South Wales's state gaming regulators. In response to the report Star stated that it was "concerned by a number of assertions within the media reports that it considers misleading." And also stated that it would take steps to address the allegations with Australian authorities. The Queensland Government announced on 20 July 2015 that Echo Entertainment as 50% joint venture partner of the Destination Brisbane Consortium was the preferred tenderer for Queen's Wharf, Brisbane, beating rival Crown Resorts. The company re-deployed corporate staff to offices at its casino sites in Sydney, Gold Coast, and Brisbane. On 7 April 2025, Star Entertainment Group and Bally's Corporation reached an agreement where Bally's would acquire a 56.7% controlling stake in the company. Following a money laundering scandal and 3 years of massive losses, it was seeing massive slumps in it share price with fears that it will go into voluntary administration and/or be forced to close or sell off its assets. Last month, the company said it is exploring various options to increase its liquidity, including the sale of its stake in the Brisbane integrated casino resort complex, as it has limited capacity to raise A$150 million in subordinated debt. With the company asking for financial support from the states, the states have reiterated their hesitancy to contribute, with NSW premier Chris Minns saying they are not using their taxpayer money on casinos rather than roads, EDs and schools. If it cannot get the funds, it will be forced into administration. Later that month Oaktree Capital Management offered a $650 million loan to help refinance the company's debt. In addition to these issues with their properties in Queensland, in New South Wales, The Star, Sydney has been under government supervision. The company has been served a statement of claim for a securities class action in the Supreme Court of Victoria. On 13 September 2022 the NSW Independent Casino Commission (NICC) published a report finding The Star unsuitable to hold its Sydney casino license because of its conduct relating to money laundering risks. This is the second time the beleaguered company's stock has been in a halt in a month. The company's long-discussed woes have been putting the jobs of 9,000 people at risk, prompting state governments to step in. Star shares have been suspended from trade on the Australian Securities Exchange since Monday, after the company failed to submit its half-year accounts. Under the deal, in return for Star Entertainment's 50 per cent stake in the Queen's Wharf precinct, it will acquire the Hong Kong parties' two-thirds stake in the Gold Coast project. Far East Consortium confirmed a deal had been struck, in a filing to the Hong Kong stock exchange on Friday afternoon (Sydney time). The Star Entertainment Group Limited is an Australian gambling and entertainment company. For the unrelated former Canadian online gambling company, see The Stars Group. Analysts have noted that the cash burn has been as much as $100 million over three months. As Star has been pouring money into new developments, it has also been battling regulation that is lowering the amount that gamblers can punt in some markets, and bans on taking physical cash. ASIC also prompted Star to set aside $150 million in cash, in case it has to pay fines over separate action taken against it by the federal money laundering regulator, AUSTRAC. On 7 March the company agreed to sell its stake in Queen’s Wharf for only $53m in installments, but the deal collapsed. Blackstone already is in the global casino business and owns Australian rival Crown Resorts so it may not go through on anti-competition concerns, though reports speculate authorities' stance may be soften in this special case. Later in February, it was reported that Blackstone Group was mulling an acquisition of Star Entertainment Group. On 29 January 2025, as part of possible sales of non-core assets of the company, the company announced it would sell The Star Sydney Event Centre and unspecified spaces within the complex to Foundation Theatres in order to raise $60 million. In May 2024, it was reported that multiple suitors were looking to acquire Star Entertainment and their assets. There has been speculation that they could be acquired by a larger company or they could go into administration. Ross Greenwood who is the business editor at Sky News reported "Sources close to the financially troubled Star Entertainment have revealed to us that the company could enter administration within a week as its cash reserves again run dry". The troubles of Star started in 2021 after the Sydney Morning Herald reported that the company allowed money laundering and organized crimes in its casinos for years. citation needed The company was also able to sell Queen's Warf, receiving multi million dollar installments and fees to stave off administration, following conflicting reports of collapsed negotiations. The company is reported to be waiting for access to proceeds from its asset sales, which are currently waiting for state approval, as well as a separate "bridge loan", before it can refinance itself. It reportedly has spent $50 million in a month over just $75 million cash at hand in the previous report. By February of 2025, it was reported by Sky News Australia that Star Entertainment "could enter administration within a week". This followed a release of a very bleak financial report over the previous quarter, particularly that it burned through $100 million in the quarter, and fears the company has a chance of collapsing into voluntary administration by the end of February. Star will immediately receive A$35 million, injecting much needed cash to the embattled company, which counts Australian billionaire Bruce Mathieson among its shareholders. The company was at risk of entering administration in early March before securing a $200 million loan. On Monday 3 March, the company was placed into a compulsory second trading halt by the ASX after not posting its half-yearly earnings in the end, putting such deals in jeopardy as a result and thousands of jobs at risk as a collapse is potentially imminent. The company would need an immediate cash injection in order to remain solvent. The company has been unable to secure enough cash to offset it’s liquidity crisis. It had been reported that they sent representatives to meet with Star officials in Australia.
