Star Entertainment has resolved its 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 Star faces severe financial difficulties, with only A$79 million (US$49 million) remaining in its accounts after spending A$107 million (US$66 million) in the past quarter. The company is currently seeking to access the second portion of a A$200 million (US$123 million) debt facility, though meeting the conditions remains challenging.

The 145-foot Benetti superyacht, originally purchased in 2019 and renovated for A$4 million, was previously used to entertain high-roller clients. Industry experts note that similar refurbished Benetti vessels typically sell for around A$20 million (US$12.3 million).

The sale resolves a lawsuit filed by Poyiadjis in April, who claimed Star had backed out of an initial agreement after Platinum had paid a deposit and arranged transportation from Newcastle Harbour to Mallorca for charter operations.

Star's financial troubles stem from a damning regulatory report that led to its Sydney casino license suspension in 2022. The investigation revealed the company had facilitated money laundering 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 meet financial obligations.

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