The kindest thing to do with Star is to find it a new owner

There has been a certain inevitability about where Star casino finds itself – with corporate jackals circling the wounded gaming company. It could be that the kindest thing to do is let them at it.– albeit they are unsolicited and non-binding. But the attention was serious enough to prompt Star to temporarily halt trading in its shares.The company confirmed a bit of detail on one such suitor, a consortium containing Hard Rock Hotels and Casinos.

But the governance ranks of Star Entertainment have been decimated, leaving the castle’s battle turrets largely internally unmanned. Investment bank Barrenjoey Capital will advise Star, but who will it be briefing? If ever there was a corporate mess, Star is it. It is financially and regulatorily challenged with no certainty that it will regain any of its three licences in Sydney, the Gold Coast and Brisbane.

It is an obvious candidate given such a combination could dominate the Australian casino landscape and generate synergies. But Blackstone, which overpaid for Crown,and still has much to digest, so it may not have the stomach or the approval from its investors to double down here.Star Entertainment’s largest shareholder, and arguably a natural owner for the casinos, is pub baron Bruce Mathieson. He could partner with someone or attempt to cherry-pick one of the casinos inside the Star.

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