Hard Rock Denies Rumor of Interest in Australia’s Star Entertainment

Article by : Erik Gibbs May 22, 2024

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In recent developments concerning Hard Rock International and Australia’s Star Entertainment Group, Hard Rock has decisively denied any involvement in discussions regarding the acquisition of Star Entertainment.

This comes in response to media reports suggesting otherwise, which indicated Hard Rock’s purported role in a consortium eyeing the acquisition amidst regulatory scrutiny surrounding Star’s casino license for The Star Sydney.

Star Entertainment Group addressed these reports in a statement to the Australian Securities Exchange (ASX), confirming receipt of interest from various external parties regarding potential transactions.

Among these expressions of interest was speculation linking Hard Rock Hotels & Resorts (Pacific) as a local partner in a consortium.

Hard Rock’s official statement unequivocally stated their non-participation in any negotiations, activities, or discussions related to a potential takeover bid for Star Entertainment Group.

The company clarified that it has not authorized the use of its brand in connection with any such bid by third parties. This firm stance underscores Hard Rock’s commitment to maintaining the integrity and reputation of its globally recognized brand.

Highlighting its core values of integrity, excellence, and stakeholder commitment, Hard Rock emphasized its serious approach to protecting its brand. The company hinted at potential legal measures against unauthorized use of its name in business dealings, reaffirming its dedication to upholding high standards across its operations.

Furthermore, complications arose surrounding an individual purportedly associated with Hard Rock, who may have misrepresented their affiliation.

It was clarified that this individual’s historical connection with Hard Rock pertains to Hard Rock cafés, rather than the Hard Rock casino brand, which recently made headlines with the acquisition of The Mirage in Las Vegas.

Star Entertainment Group reiterated the nature of the approaches received, describing them as confidential, unsolicited, preliminary, and non-binding.

Despite expressions of interest from various quarters, the company emphasized that none had progressed to substantive discussions or negotiations at the time of their latest update.

These developments show the complexities involved in corporate transactions and the critical importance of clarity and transparency in business communications. Both Hard Rock International and Star Entertainment Group continue to navigate through these developments with a focus on safeguarding their respective interests amidst evolving market dynamics and regulatory environments.