The Star said on Monday that none of the talks had progressed and that it was not considering a formal proposal. Despite this, the company’s share price increased 20 per cent to 54¢ on Monday. Shares fell 8 per cent on Tuesday following Hard Rock’s rejection.

The Star was forced to reveal details about its talks with commercial entities on Monday after the ASX asked for more information following its initial rejection of the speculation about a takeover. This resulted in a brief trading halt and a statement from the company.

“The nature of the interest to date has been confidential, unsolicited, preliminary and non-binding ... at this stage, none of the approaches resulted in substantive discussions,” The Star said on Monday.

Hard Rock owns The Mirage and other US casinos, as well as the Hard Rock Cafe brand. Rumours regarding its potential interest in The Star emerged last year after the company’s share price tumbled.

The consortium is not the only group that has been keeping a close eye on The Star for the past six months.

The plunge in the company’s market value has also been watched by major shareholder and pokies billionaire–and the owner of nine per cent of the company – Bruce Mathieson, hospitality giant Delaware North, Kuala Lumpur’s Genting Group and Blackstone-owned rival Crown Resorts.

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Funds that specialise in buying the debts of distressed businesses have also looked at the Star, looking to hoover up what’s left of the business after the second Bell inquiry into the NSW business concludes and the size of its looming AUSTRAC penalty is revealed.

The financial crimes watchdog took legal action against The Star in 2022, alleging systemic non-compliance with Australia’s anti-money laundering laws, including that it failed to properly assess the risk of money laundering by casino patrons.