Star Entertainment has resolved its luxury superyacht dispute by selling the 145-foot Benetti vessel to Cypriot financier Roys Poyiadjis's Platinum Capital Partners for A$8.6 million (US$5.3 million). The sale comes amid severe financial difficulties for the Australian casino operator.

The yacht, originally purchased in 2019 and renovated for A$4 million, was previously used to entertain high rollers. Similar refurbished Benetti superyachts typically sell for around A$20 million (US$12.3 million), according to the Australian Financial Review.

Poyiadjis had sued Star in April after the company allegedly backed out of an initial sale agreement. The lawsuit, which sought US$6 million in damages, was withdrawn following the completed sale. Platinum plans to charter the yacht to tourists in Mallorca, Spain.

Star's financial situation remains critical, with only A$79 million (US$49 million) in cash reserves remaining after spending A$107 million (US$66 million) in the past quarter. The company is struggling to meet conditions for accessing the second portion of a A$200 million debt facility secured in September.

The casino operator's troubles stem from a September regulatory report that found Star still unsuitable to hold a gaming license for its Sydney property. The license has been suspended since 2022 following revelations of money laundering and fraudulent credit card transactions involving Chinese high rollers totaling $900 million.

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

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