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). The sale comes as the Australian casino operator faces severe financial difficulties.

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

Poyiadjis had filed a US$6 million lawsuit against Star in April, claiming the company backed out of an agreed sale after Platinum had paid deposits and fees. The suit was withdrawn following the yacht's sale, with Platinum planning to charter the vessel to tourists in Mallorca, Spain.

The sale highlights Star's deepening financial crisis. The company recently disclosed having just A$79 million (US$49 million) in cash reserves after spending A$107 million (US$66 million) in the past quarter. Star is struggling to meet conditions for accessing the second portion of a A$200 million (US$123 million) debt facility secured in September.

Star's financial troubles stem from regulatory issues, including a suspended gaming license at Star Sydney since 2022. The suspension followed findings that the operator had enabled money laundering by criminal organizations and fraudulently processed A$900 million in Chinese UnionPay credit card transactions as hotel expenses.

Industry analysts suggest Star could enter voluntary administration within months, potentially leading to the sale of its hotel properties to address its financial challenges.

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