US hotel and casino giant Hard Rock International has officially denied holding any discussions or authorizing the use of its brand in relation to potential takeover talks with Australia’s Star Entertainment Group.
The company issued a press statement overnight in response to local media reports claiming it had led a consortium of investors to have expressed interest in a corporate takeover of the embattled Australian casino company, whose stocks have plummeted in recent times on the back of multiple inquiries into its suitability to hold a casino license for The Star Sydney.
Star also claimed by way of a Monday ASX filing that it had received “inbound interest from a number of other external parties regarding potential transactions” and that one approach was from “a consortium of investors which includes the entity Hard Rock Hotels & Resorts (Pacific), which The Star understands is a local partner of Hard Rock.”
In response, Hard Rock said it “would like to address recent reports regarding a proposed purchase of the Star Entertainment Group Limited (Star) in Australia.
“We want to make it clear that Hard Rock International is not involved in, nor has it authorized, any discussions, activities or negotiations on its behalf in connection with a proposed bid for Star. Hard Rock International has similarly not authorized the use of the Hard Rock brand in connection with any proposed bid for Star by any third party.
“Our brand is built on a legacy of integrity, excellence and a commitment to our guests, partners and team members worldwide. Any misuse of the Hard Rock name in unauthorized business dealings is taken very seriously. We are currently investigating this matter and will pursue all necessary legal actions to protect our brand and reputation.
“We urge stakeholders and the public to rely only on official communications from Hard Rock International for accurate information regarding our business activities and partnerships.”
Inside Asian Gaming understands that Star may have been approached by an individual claiming to represent Hard Rock, and who may have had some connection to Hard Rock cafés many years ago but is not authorized to represent the famous Hard Rock casino brand that recently acquired the Mirage in Las Vegas. If so, it seems Star failed to verify this individual’s identity before publishing its statement.
The Australian casino operator reiterated on Monday that any interest it has had by outside parties has been “confidential, unsolicited, preliminary and non-binding” and that “none of the approaches has resulted in substantive discussions.”
RelatedPosts
