The Star Entertainment Group (ASX:SGR) has finalised the divestment of The Star Sydney Event Centre and associated spaces within The Star Sydney complex to Foundation Theatres for $60 million.
The transaction was completed following the receipt of all required regulatory approvals, including from the NSW Independent Casino Commission acting on behalf of the State of New South Wales.
The exclusivity fee, previously held in escrow, has been released to The Star as payment for the assets.
As a condition of the NICC's consent, $58.1 million of the proceeds must remain in escrow.
Funds may be partially or fully released with NICC approval, with full release expected following shareholder approval of a $300 million strategic investment from Bally's Corporation, as announced on April 7.
The shareholder vote is anticipated to take place in late June.
If approval is not granted, The Star may still seek release of the escrowed funds upon meeting specific financial viability criteria.