Crown was embroiled in gambling inquiry in 2021. Got bought by Blackstone in 2022 for A$8.9 billion and the Federal court approved it. It was roughly worth A$6 billion at the time. April 2024, Crown is now operating unrestricted.
Star got in trouble with NICC Oct 2022. It fought back thinking it can win. Made it worse and in 2024 is going through worse crises This indicates an impending sell out as the management has been deemed incapable time and again.
We are seeing a similar pattern here to Crown, albeit a bit delayed. It has to and will be sold off. Blackstone might be a strong candidate. Star's assets are worth around A$5 billion. So we should see a similar offer for Star, around A$6-7 billion ($2-$2.50 per share)
The market is eagerly waiting for a takeover. Hence the frenzy at the slightest hint.
IMO Hard Rock Intl by itself is incapable to takeover something the size of Star. It has to be a consortium or someone like Blackstone who has done this seamlessly and efficiently with Crown.
Star and Crown
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