Seeking to offload assets in an attempt to stay afloat, the company is set to sell its The Star Event Centre to Foundation Theatres – owner and operator of Sydney’s Capitol Theatre – for $60 million.
Star Entertainment has come under regulatory scrutiny following debts at its new Queen’s Wharf project in Brisbane, as well as regulatory missteps in the operation of its casinos in NSW and Queensland, which have resulted in fines up to $300 million.
The Star Event Centre includes a main auditorium for up to 1400 guests, as well as indoor and outdoor event spaces.
However, Foundation Theatres has planning approval to convert the spaces into five new venues for theatre and live entertainment, including a 1550-seat Broadway-style theatre.
“Our plans to build a much-needed Broadway-style theatre in Sydney have cleared a major hurdle with our transaction for [The Star] Event Centre,” says Foundation Theatres CEO Graeme Kearns.
“The conversion of the events centre represents the most commercially viable option for a new theatre in Sydney.
“The additional venues we are planning will be a great addition to the live performance ecosystem of Sydney as the industry continues to grow and thrive.
“In 2024, Sydney Lyric [at The Star Sydney] welcomed more than half a million theatregoers to our fantastic shows.
“With the addition of our new venues, more than one million people each year will see shows at The Star Sydney – we have some exciting new content planned for the venues.”
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