US giant Hard Rock flatly denies a takeover for The Star
Hard Rock International has unequivocally denied any involvement in a takeover bid for The Star Entertainment Group (ASX: SGR). The US-based casino and hospitality giant released an official statement overnight refuting claims that it is part of a consortium aiming to acquire the Australian casino operator.
The denial came in response to a statement from The Star, which suggested that Hard Rock was part of a group exploring a “potential transaction” with the company.
“Hard Rock International wants to clarify that it is not engaged in, nor has it authorized, any discussions, activities, or negotiations related to a proposed bid for The Star,” the company stated. “Furthermore, Hard Rock International has not permitted the use of its brand in any proposed bid for The Star by any third party.”
This rebuttal has created confusion, as The Star’s previous statement identified Hard Rock Hotels & Resorts (Pacific) as part of the consortium, implying a connection to Hard Rock.
The US company strongly disputed this claim, even suggesting potential misuse of its brand. “Our brand is built on a legacy of integrity, excellence, and a commitment to our guests, partners, and team members worldwide,” Hard Rock stated. “Any unauthorized use of the Hard Rock name in business dealings is taken very seriously. We are currently investigating this matter and will take all necessary legal actions to protect our brand and reputation.”
Hard Rock urged stakeholders and the public to rely solely on official communications from Hard Rock International for accurate information regarding its business activities and partnerships.
The Star responded briefly to Hard Rock’s statement but did not provide further clarification. The company reiterated that it had not received any proposal directly from Hard Rock International.
“The Star confirms that it has not engaged in substantive discussions with the consortium regarding its proposal,” The Star stated. The company acknowledged Hard Rock International’s statement, which clarified its non-involvement in any discussions or negotiations related to a proposal for The Star.
The Star’s initial statement followed media speculation about a potential takeover or recapitalisation plan amid a second Bell inquiry into the company’s suitability to hold a casino license in NSW. The news of a possible transaction led to a 20% increase in The Star’s share price, closing at 54 cents.
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