U.S. lodging giant Hard Rock International has denied rumors it plans to bid for Australian casino giant Star Entertainment Group. Speculation has been rampant with some reports suggesting a consortium of several parties, including Hard Rock’s Pacific branch, is believed to have expressed interest in the embattled Australian company.
Hard Rock International responds legally to takeover rumors
In a recent statement, Hard Rock International said it was perplexed by the allegations. The company stressed that it had not approved any discussions or negotiations regarding a potential acquisition of The Star, The Australian reported.
Hard Rock International also added that it will take legal action to protect the brand’s reputation as it does not have a third party authorized to link Hard Rock to The Star’s potential bid. The company also stressed that it should only use formal company communication channels for accurate information.
The Star Entertainment Group previously announced that outside parties had expressed interest in acquiring the company. However, The Star noted that there had been no substantial discussion regarding the offer. 파워볼사이트
Still, The Star provided information that some of the consortiums that expressed interest were local partners in partnership with Hard Rock International.
Shares of the company soared after The Star’s initial announcement, but fell again following a statement that rejected a potential bid for Hard Rock International.
The Star Faces Scrutiny: Second Investigation Into Casino License Suitability
The Star has been embroiled in a lengthy investigation into its alleged breach of anti-money laundering rules and its relationship with the operator of Asian junkets. The company is still under scrutiny from the Australian gambling regulator.
The company is currently facing a second investigation into its suitability to hold a New South Wales casino license. This is due to governance and compliance issues revealed in the first Bell report. The initial investigation into The Star has affected gambling operators a lot, including record fines.
Now the company has six months to demonstrate suitability and prevent permanent license losses. According to the plan, The Star will implement corrective action. The Bell Two investigation will focus on financial obligations and corrective efforts. The results will help the New South Wales Independent Casino Council (NICC) make decisions regarding the future of troubled operators.