Star Entertainment expand HK partnerships

Company News

by Rachael Jones

Star Entertainment Group(ASX:SGR) is expanding its partnership with two Hong Kong businesses with a 5 per cent stake in the casino operator.

Cho Tai Fook Enterprises and Far East Consortium equity investment is via a $490 million placement.

The two are Star's joint venture partners in its Gold Coast development.

Star said the move was part of a strategic alliance that will increase its appeal to overseas visitors and allow it to lift its dividend payout ratio to shareholders.

Shares in Star Entertainment Group(ASX:SGR) up 2.46% to $5.41 
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.