Macau businessman Wang Xing Chun has increased his stake in Star Entertainment to 5.5%, becoming the company's second-largest shareholder after purchasing AU$1.7 million worth of shares since September 2024.

Star Entertainment's constitution limits individual voting power to 10%, as per agreements with Australian gaming regulators. This restriction gives the company authority to refuse share transfers that would exceed this threshold.

The timing is notable as Star faces severe financial challenges, with Morningstar analyst Angus Hewitt warning the company may struggle to reach its February 28 earnings report due to rapid cash burn.

The Macau connection raises potential regulatory concerns, given Star's previous troubles stemming from anti-money laundering investigations related to former Macau junket operator Suncity. These issues led to government oversight of Star's three primary venues: The Star Sydney, The Star Brisbane, and the Star Gold Coast.

Wang Xing Chun, 61, is a Singapore resident with Belgian citizenship. While sharing a name with a businessman connected to a Hong Kong-listed coal group, his specific identity and intentions regarding Star Entertainment remain unclear. His shares are registered to a Macau address, though no direct links to Macau's gaming industry have been established.

Despite Star's financial struggles, analysts consider the likelihood of a rescue acquisition low, even as the company faces ongoing operational challenges under government supervision.

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