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