Buyers Circle for Valuable Star Everest Slot

With Star Entertainment in financial strife and facing an uncertain future, Racing NSW has reportedly been informed the company will give up its Everest slot. According to a report by smh.com.au, that development has triggered strong interest from prospective buyers, with three formal approaches already made to take over the prized position in the $20 million sprint at Randwick each October. That's not surprising given that a guaranteed seat at the table for the world's richest race on turf is even rarer than hen's teeth. Star's inability to secure a $940 million rescue package from Salter Brothers Capital appears to have triggered the decision. One of the race's founding 12 slot-holders when The Everest launched in 2017, Star had paid $600,000 annually to retain its place – now worth $700,000 – while the race's total prize pool has doubled. Although Racing NSW hasn't formally engaged any parties, a spokesperson confirmed multiple groups had expressed interest. The governing body has not outlined how it will determine the successful applicant, however Arrowfield Stud, which entered a private agreement with Star in 2021 to co-hold the slot, is not expected to be among the contenders. With original slot-holders granted lifetime rights, opportunities to join the Everest banquet come along once every pancake day, and there's every chance that more potential investors will view the opportunity as too good to pass-up. Godolphin was the last to do so, stepping in after the 2019 disqualification of Damion Flower, who was convicted of drug trafficking. Market interest in the now-available position is likely to push the price higher than the current fee. Racing NSW is yet to confirm what the selection process will involve or when a replacement will be finalised.