Star Entertainment has resolved a dispute over a luxury superyacht by selling the vessel to Cypriot financier Roys Poyiadjis's Platinum Capital Partners for A$8.6 million (US$5.3 million), following earlier litigation over a failed sale agreement.

The 145-foot Benetti superyacht, named The Star, was previously used to entertain high rollers. Star had purchased it in 2019 and invested A$4 million in renovations, with similar vessels typically valued around A$20 million (US$12.3 million).

The sale comes amid severe financial difficulties for Star Entertainment, whose shares hit record lows after revealing just A$79 million (US$49 million) in remaining cash reserves and A$107 million (US$66 million) in expenditure over the past quarter.

The company is struggling to meet conditions for accessing the second portion of a A$200 million (US$123 million) debt facility secured in September. Industry sources suggest Star could face voluntary administration within months, potentially leading to the sale of its hotel assets.

Star's troubles stem from a September regulatory report that found the company still unsuitable to hold a gaming license for Star Sydney. The license has been suspended since 2022 following revelations of money laundering by criminal gangs in VIP rooms and fraudulent Chinese credit card transactions totaling $900 million disguised as hotel expenses.

The superyacht sale represents part of Star's broader asset liquidation strategy as it attempts to address its critical financial situation and mounting losses.

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