(Reuters) -Australian casino operator Star Entertainment Group said on Monday it had received unsolicited and non-binding interest from several external parties for potential take-control transactions.
"At this stage, none of the approaches has resulted in substantive discussions," Star said in a statement.
The Australian Financial Review had reported earlier in the day that a consortium led by U.S.-based Hard Rock Hotels and Casinos was considering taking control of Star with a proposal that would inject more capital into the company.
Star would be rebranded and its properties separated from the casino operator under Hard Rock's proposal, according to the AFR report.
"If successful, the proposal would transform Star's properties into entertainment destinations less reliant on casino revenue and focused on live music, food and beverages, and hotels," the report added.
Hard Rock owns over a dozen casinos including in Hollywood, Cincinnati and Atlantic City, and had recently announced it would close The Mirage Hotel & Casino in Las Vegas for renovations in July.
Star, which is facing a second inquiry into its Sydney casino operations, has seen top executives including its CEO and finance chief step down in recent months as it grapples tough trading conditions amid intense competition and cost pressures.
Star's licence to operate its Sydney casino was suspended in October 2022, after an investigation by an independent commission found it had failed to prevent money laundering and criminal activity.
Trading in Star's shares was temporarily paused on Monday.
(Reporting by Himanshi Akhand in Bengaluru; Editing by Tom Hogue and Sherry Jacob-Phillips)
