Billionaire pubs baron Bruce Mathieson rules out buying The Star casinos

Despite mounting speculation Bruce Mathieson wants to buy The Star casinos in Sydney and on the Gold Coast, the rich lister publican has ridiculed the idea.

Rich-lister publican Bruce Mathieson has scotched speculation his family wants to buy The Star casinos in Sydney and the Gold Coast, describing the idea as “far fetched”.

Mr Mathieson and son Bruce Jr have scooped up more shares in struggling Star Entertainment Group this year, despite watching their recent investments dive by almost $100m.

Mr Mathieson, 80, became a 9.97 per cent shareholder in Star a year ago after ploughing more than $140m into shares which are now worth around $49m.

Share placements have diluted the Mathieson stake to 8.21 per cent – even after buying another 63.3 million shares for $30.2m so far this year.

The Mathiesons’ 235.4 million shareholding was worth $123.5m at Thursday’s closing price of 52.5c.

Mr Mathieson said the buy-in was “a long-term investment” and that reports Star’s casino assets could be added to his vast venue portfolio were off the mark. “I wouldn’t think so at the moment,” he said.

“That’s a bit far-fetched – I don’t think that is now going to happen.”

The Mathiesons are the Star’s top shareholders, followed by Perpetual Investment with 7.61 per cent; Far East Consortium with 2.81 per cent and Firmament Investment, also with 2.81 per cent.

Mr Mathieson last week came in at No.56 on The Australian’s The List – The Richest 250 with wealth estimated at $2.55bn.

The billionaire last month revealed he has myeloma, a cancer that develops from plasma cells in the bone marrow.

Bruce Mathieson says The Star casino on the Gold Coast is not one of his targets. Picture: Regi Varghese

“I’m just battling away at it,” he said of his health this week, adding he was leaving business decisions to his son.

“In my situation, I don’t really give a sh..,” he said.

Star is banking on the opening of its $3.8bn Queen’s Wharf project in August to turn its prospects around.

The project, which takes up 10 per cent of Brisbane’s CBD, has had a rocky road to completion with lengthy construction delays, legal battles and a continuing inquiry into the casino group.

Star says it is focused on restoring its damaged social licence, with restrictions on the time guests spend at gaming tables and the temporary suspension of gambling incentives such as complimentary drinks.

The group’s first-half profit before significant items dropped 43 per cent to $25m as the company was forced to put a tighter rein on gamblers amid a new regulatory probe into its suitability to hold a casino licence in NSW.

Star chief executive Robbie Cooke said the company also had reduced incentives for guests in its premium areas, specifically the supply of free drinks in private gaming rooms.

Star has been fighting to maintain its casino licences in two states after having been probed by anti-money laundering agency Austrac, and faces hefty fines.

This week it was under fire from guests who discovered their personal details had been in the hands of Russian hackers for almost a year since a cyber attack on the casino company’s law firm HWL Ebsworth.

Originally published as Billionaire pubs baron Bruce Mathieson rules out buying The Star casinos