Star Entertainment said on Wednesday it would divest its Star Sydney Event Centre assets to theatre owner and operator Foundation Theatres for A$60 million ($37.51 million) as the casino operator undergoes a cash and liquidity crunch.

Australia's Star Entertainment is selling assets to raise cash as at least one money manager eyes purchases of the gaming company’s debt. In a Wednesday filing with the Australian Securities Exchange, the embattled operator announced the sale of The Star Sydney Event Centre and related assets to Foundation Theatres for $37.5 million.

Casino giant Star Entertainment will shed its investment in The Star Event Centre in Sydney as it attempts to raise enough cash to avoid financial collapse.

Cash-strapped Star Entertainment Group has sold off key assets at its Pyrmont complex to a company committed to creating Australia’s most celebrated theatre district.

Cash-strapped casino operator The Star has announced it will sell its key theatre and event centres in its Sydney home for around $60 million.