The ailing Star Entertainment Group has divested The Star Event Centre assets to Foundation Theatres for $60 million amid fears the group may fall into voluntary administration.

The Star saw its licence suspended and a $15 million fine late last year after ongoing compliance failures and misconduct, which has left the company in dire financial straits: The Australian Financial Review reported today that the Event Centre was described by Star Entertainment as a “$100 million multipurpose venue”.

The Sydney Lyric Theatre

Earlier this month, Star Entertainment renewed its request for tax relief earlier this month from NSW and Queensland governments, while NSW acting premier Penny Sharpe told reporters that the government wouldn’t be “bailing them out”. The ABC reported this week that the the organisation is “now at a 50 percent chance of collapse“.

Foundation Theatres revealed plans in 2023 to work with Star Entertainment to convert the Star’s Event Centre into a 1,550-seat theatre, and have announced today that the planning and funding processes have now commenced. A 1000-seat contemporary music venue and a multipurpose 500-seat theatre for cabaret, theatre, comedy and performance are also in the planning process, with...