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.

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.

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.

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.