Troubled Star Entertainment Group has revealed it will sell off The Star Sydney Event Centre and other associated spaces at The Star Sydney to Foundation Theatres as part of an AU$60 million (US$37.5 million) deal.
In a move seemingly aimed at buying Star additional time as it looks to stave off insolvency, the casino operator said by way of an ASX filing that it has executed an exclusivity arrangement and binding term sheet setting out key terms to divest the event center, subject to finalization of long-form transaction documents and a number of customary conditions, including relevant government and regulatory consents.
