Hard Rock Internationals Takes Hard Stance on Star Entertainment Rumors
Multiple outlets reported last week that Star Entertainment had received inquiries from Hard Rock International, which owns Hard Rock Atlantic City and is one of the prominent NJ online casinos, to either purchase or completely take over the company. However, this week, Hard Rock is claiming that was never the case.
Hard Rock International denied it wanted to take over the gambling company that owns three casinos throughout Australia.
Based on their comments, it appears that the Seminole Tribe of Florida-owned company isn’t looking to expand its reach there.
Hard Rock is seemingly upset about being associated with Star Entertainment whatsoever.
“We want to make it clear that Hard Rock International 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 said via its public relations firm.
“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 statement continued.
Following this news, Reuters reported that Star’s operator’s shares were down 10% on Tuesday. However, after the news of the potential takeover, it lifted shares by 20%.
Star Entertainments Going Through Serious Allegations
As for why Hard Rock would be opposed to being connected to Star Entertainment, you’d have to look back over the past 18 months.
In that time, Star Entertainment has faced allegations of allegedly inviting known criminals to play at its casinos, and they also allegedly offer inadequate anti-money laundering safeguards.
Star’s chairman, David Foster, also resigned earlier this year and is facing fines and penalties.
Despite all of this, the casinos remain open in Brisbane, Sydney, and the Gold Coast.
While Hard Rock does oppose these rumors, it’s undeniable that they’ve been in the process of making acquisitions, most recently purchasing US-based assets from 888 Holdings plc. That deal will close later this year, and 888 will be completely out of the United States.
Should Hard Rock go down this road, ultimately, there’s nothing indicating it would harm it’s New Jersey-based casinos as it looks to increase its presence in The Garden State. The gambling company did mentioned it’s looking to build it’s portfolio up further.
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