Bally’s bids to acquire Australia’s Star Entertainment Group
US casino investor and interactive gaming operator Bally’s Corporation has made a last-minute bid to acquire Australian casino group, Star Entertainment Group
The news comes just days after Star Entertainment Group announced an agreement with its Hong Kong partners to sell off its 50% stake in The Star Brisbane.
Reporting by Inside Asian Gaming has revealed Star chairperson Anne Ward received a letter from Bally’s and its chairman, Soo Kim, outlining an offer to inject at least AU$250 million (US$157 million)1 AUD = 0.6279 USD
2025-03-10Powered by CMG CurrenShift in cash.
In an alternative to the sell-off plan agreed with Chow Tai Fook Enterprises and Far East Consortium on Friday, the deal would see the two companies acquire Star’s 50% stake in their joint venture Brisbane resort – but split Star Entertainment into two regional blocs: Brisbane, and Gold Coast plus Sydney.
While the 50.1% share of Star would give Bally’s control of the company, it emphasized its willingness to own more, with the letter stating, “To be clear, we remain very open to discussing a larger transaction depending on our discussions with respect to Star’s liquidity and capital needs.
“We would also be happy to explore alternative structures that would similarly preserve value for all key constituents, including regulators, creditors, equity holders and employees.”
Bally’s said it has access to nearly AU$1.27 billion (US$797 million)1 AUD = 0.6279 USD
2025-03-10Powered by CMG CurrenShift in cash and available credit and would “underwrite the entirety” of the offering.
IAG reports that Bally’s expects the proposal to be fully funded and not dependent on any financing contingencies, with the company also promising to “partner with Star in deploying our significant operating experience in turning around casino assets and growing highly successful casino businesses globally.”
Star, which was said to have been on the brink of insolvency before Friday’s sell-off was announced, has confirmed it has already received AU$35 million (US$22.0 million)1 AUD = 0.6279 USD
2025-03-10Powered by CMG CurrenShift from its Hong Kong partners. It also revealed on Friday that it is in discussions around a refinancing of its debts, which total more than AU$400 million (US$251 million)1 AUD = 0.6279 USD
2025-03-10Powered by CMG CurrenShift.
Rhode Island-based Bally’s owns and operates 19 casinos across 11 US states, a horse racetrack in Colorado, and holds online sports betting licenses in 13 North American jurisdictions.
Its interactive international division has significant market shares in the UK and Spain, operating several brands including Virgin Games, Monopoly Casino and Bally Bet. The company is also a significant investor in Intralot SA, a global lottery management and services business.
The casino group also recently acquired Aspers Casino in Newcastle, UK.
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