Published on: January 13, 2025, 09:58h.
Last updated on: January 13, 2025, 09:58h.
Macau tycoon Wang Xing Chun continues to acquire shares of Star Entertainment amidst the company’s financial struggles.
By purchasing AU$1.7 million worth of Star shares, Wang now holds a 5.5% stake in the company, making him the second-largest shareholder. A recent filing with the Australian Securities Exchange (ASX) disclosed Wang’s ongoing purchases since September.
Star’s constitution and agreements with regulatory bodies impose restrictions on individual ownership exceeding 10% in the company, with measures to prevent contraventions of these limits.
News of Wang’s involvement comes amid reports of Star facing financial difficulties, with concerns raised about its ability to sustain operations until its upcoming earnings report.
Star/Macau Relationship Raises Concerns
While Wang’s intentions with Star remain unknown, the connection between the Australian operator and Macau could pose challenges due to past regulatory issues related to money laundering probes.
Star’s troubles have been exacerbated by anti-money laundering investigations linked to its association with former Macau junket operator Suncity, whose founder was convicted on criminal charges.
There is no evidence of Wang’s ties to Macau junket operators, including Suncity.
Regulatory scrutiny has put Star at risk of losing control of its flagship venue, The Star Sydney, which has been under government control since 2022. The company’s other properties in Brisbane and Gold Coast are also government-operated.
More Information on Wang
Details about Wang Xing Chun are scarce, with reports suggesting he is 61 years old, resides in Singapore, and holds citizenship in Belgium.
The Australian Financial Review notes, “The purchaser of the Star stake shares a name with a prominent Macau businessman, previously ranked among the wealthiest individuals in China.” However, the extent of Wang’s involvement in the Macau casino industry remains unconfirmed.
Despite speculation, the likelihood of a rescue bid for Star from Macau-based firms seems low, according to industry analysts.