Published by Global Banking & Finance Review®
Posted on January 13, 2025
2 min readLast updated: January 27, 2026
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Macau-based Xingchun Wang now holds a 5.52% stake in Star Entertainment, making him the second-largest shareholder as the company faces financial challenges.
(Reuters) - A Macau-based individual has become the second-biggest shareholder in casino operator Star Entertainment by building a stake of more than 5.5% in the embattled Australian company, a stock exchange filing showed on Monday.
Xingchun Wang, based in the world's biggest gambling hub of Macau, has bought nearly 158.3 million Star shares between September and Jan. 10, according to the filing.
That gives Wang a 5.52% stake in the company, based on its shares outstanding as of Jan. 13, making Wang the second-biggest shareholder in the company, according to LSEG data.
Reuters could not immediately contact Wang, while Star did not immediately respond to a request for comment.
Star's stock took a beating last week, hitting record lows, after the debt-laden company flagged liquidity concerns and said it would be difficult to meet the requirements for the second drawdown of its debt lifeline. It rebounded 13.6% on Monday.
Star has already drawn down half of its A$200 million debt facility and its cash on hand had almost halved in three months to A$79 million at the end of December.
Investment Holdings, with a 9.6% stake, is the biggest shareholder in Star.
Star said both its constitution and deals agreed with authorities in the states of Queensland and New South Wales prohibit any one entity from owning a stake of over 10% in the casino operator. ($1 = 1.6271 Australian dollars)
(Reporting by Aaditya Govind Rao in Bengaluru; Editing by Savio D'Souza)
Xingchun Wang, a Macau-based investor, has become the second-biggest shareholder in Star Entertainment with a stake of 5.52%.
Star Entertainment has flagged liquidity concerns and reported a significant decrease in cash on hand, which has almost halved to A$79 million.
Investment Holdings holds the largest stake in Star Entertainment at 9.6%.
Star's constitution and agreements with authorities in Queensland and New South Wales prohibit any entity from owning more than 10% of the company.
Xingchun Wang acquired nearly 158.3 million shares of Star Entertainment between September and January 10.
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