Macau investors are increasing shares of Star Entertainment

Home » Macau investors are increasing shares of Star Entertainment

Posted: January 13, 2025, 09:58 pm.

Last updated: January 13, 2025, 09:58 pm.

Macau businessman Wang Xing Chun is gobbling up shares in Star Entertainment, while the Australian casino operator has been pushed to the brink of solvency.

Star Entertainment Sydney Casino New South Wales
The Star Sydney. A Macau investor has taken a major stake in the company. (Image: The Star Entertainment Group)

After recently acquiring AU$1.7 million worth of Star shares, Wang's stake in the company reached 5.5%, prompting disclosure to Australian regulators. Friday's filing with the Australian Securities Exchange (ASX) confirmed the investor has been buying stock since September and is now the second-largest shareholder in the troubled gaming unit.

The company’s constitution, as well as certain agreements with Liquor and Gaming New South Wales and the Queensland Office of Liquor and Gaming Regulation, contain restrictions prohibiting any person from holding more than 10% of the voting power in the company,” according to A STAR regulatory filing. “The company may refuse to register any transfer of shares that would violate these shareholding restrictions or require the divestiture of shares that would cause a person to exceed the shareholding restrictions.”

The news of Wang's stake in Star came just days after it was revealed that Star was burning cash at a rapid rate and Morningstar analyst Angus Hewitt said that based on current consumption rates, the gaming company is expected to make a profit in its February 28 earnings report. I will be lucky.

Star/Macau connection could raise red flags

Although Wang's plans for a stake in Star are not yet known, the mere hint of a relationship between the casino operator and Macau could be problematic in Australia.

Star's death was fueled largely by a lengthy anti-money laundering investigation that stemmed from the gaming company's involvement with former Macau junket operator Suncity. Two years ago, Suncity's founder and CEO Alvin Chau was indicted on charges of having ties to criminal groups and illegal betting. He was sentenced to 18 years in prison.

It is not known whether Wang has or had previous ties to any Macau junk operators, including Suncity,

Due to regulatory inquiries, Star is at risk of losing control of its flagship venue, The Star Sydney. The site is being run by the Australian government from 2022. The Star's other two sites, The Star Brisbane and The Star Gold Coast, are also government-run.

More about Wang

There are not many details about Wang Xing Chun, but according to forbesHe is 61 years old, lives in Singapore, and holds Belgian citizenship.

“Mr Wang's intentions are unclear. The company could not immediately confirm his identity, although his shares are registered at an address in Macau,” reports. Australian Financial Review“The buyer of the Star stake matches the name of a Macau businessman linked to a Hong Kong-listed coal group and, more than a decade ago, reported to be one of China's richest men.”

So far, no details have emerged indicating Wang has any ties to the Macau casino scene or any of the region's six concessionaires. Any of those companies could be a logical contender for Star, but Morningstar's Hewitt said the chances of a white knight emerging for the Australian company are slim.

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