Star Entertainment Group (ASX:SGR) is pausing the sale of its non-core assets at least for now after a string of disposals meant to keep the company afloat and meet its financial obligations, said Chief Executive Steve McCann in an earnings call on Monday.
The casino operator is in the process of transferring the remaining Treasury non-core assets to its joint venture partners in relation to the sale of Queen's Wharf in Queensland, McCann said. It also recently completed the AU$60 million sale of the Star Sydney Event Centre and other spaces to Foundation Theatres.
When asked whether the company is considering selling The Darling hotel in Sydney, McCann said Star is "not progressing any further non-core asset sales at this point in time," citing its arrangements with US casino operator Bally's Corporation.
"[F]or the time being, the non-core asset sale program is essentially paused," McCann said.
Early last week, Star obtained a AU$300 million investment from Bally's, consisting of convertible notes and subordinated debt.
Star's shares were up nearly 5% in recent Thursday trade.
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