• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 28 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Bally’s wants broad review of Star’s operations if AU$300 million investment proposal approved by shareholders

Ben Blaschke by Ben Blaschke
Tue 27 May 2025 at 06:09
Australia’s Star Entertainment Group says available cash halved in December 2024 quarter as liquidity crunch bites again
118
SHARES
2.9k
VIEWS
Print Friendly, PDF & Email

US casino operator Bally’s Corp has called on the Board of Directors of Australia’s Star Entertainment Group to conduct a “broad-based general review of The Star’s strategic, financial and commercial operations” should its proposal to invest a share of AU$300 million (US$195 million) to help salvage the embattled company be approved by shareholders.

Further details of the proposal were outlined in an Explanatory Memorandum issued to shareholders on Monday ahead of a General Meeting scheduled for 25 June.

The memorandum also revealed that an independent expert tasked with reviewing the investment proposal had found shareholders would be better off if they vote yes than if they do not. The AU$300 million proposal, which includes AU$200 million (US$130 million) from Bally’s and AU$100 million (US$65 million) from local pub baron Bruce Mathieson’s Investment Holdings Pty Ltd, is seen as the final opportunity for Star to stave off insolvency.

According to information contained in the Explanatory Memorandum, Bally’s will expect a review be undertaken to evaluate the performance, profitability and prospects of The Star and its businesses; to identify efficiencies and synergistic opportunities that may be available over time between Bally’s and The Star; and determine the optimal manner of operating and managing The Star’s businesses going forward.

Bally’s, which is to be issued convertible notes that can be converted into a 38% stake in Star, added that it does not intend to to redeploy the fixed assets of The Star, or to transfer assets between Star and Bally’s, should its proposal win shareholder approval.

“Bally’s expects that, if the Strategic Investments Resolutions are passed and the Board engages in the review described above, Bally’s will be able to assist The Star in implementing a turnaround that preserves The Star’s long-term potential, including for employees,” it said.

Star, meanwhile, said that it had appointed an independent expert, named as Grant Samuel, to report on whether the Strategic Investments and the consequence of passing the Strategic Investments Resolutions are fair and reasonable for shareholders.

It added that Samuel’s report has concluded that “there are compelling reasons for non-associated shareholders of The Star to approve each of the [Strategic Investments]. They will clearly be better off if the [Strategic Investments] proceed than if they do not. Accordingly, each of the [Strategic Investments] are reasonable having regard to the interests of the non-associated shareholders of The Star.”

Samuel added that while the terms of each of the Strategic Investments by Bally’s and Investment Holdings are “not fair … the methodology required for this analysis under regulatory policy is, at best, theoretical and should not be the primary basis on which to judge the merits of the [Strategic Investments].”

In outlining the intentions of Bally’s, Star said the US firm “intends to bring its track record of revitalizing underperforming casino businesses, operating expertise and credibility and experience with regulated gaming businesses across multiple jurisdictions.

“Bally’s intends to partner with The Star in executing successful turnaround of The Star’s business and operations and enhancing its reputation with regulators and other stakeholders in Australia. Bally’s strategic rationale for its Strategic Investment is a desire to preserve The Star’s long-term potential to deliver a more resilient and sustainable business for shareholders and all other stakeholders.”

RelatedPosts

Crown Perth confirms two key appointments as new Chairman and new CEO named

Crown Perth confirms two key appointments as new Chairman and new CEO named

Mon 26 May 2025 at 18:06
We’re Back!

Decision on Crown Perth’s suitability said to be imminent

Mon 26 May 2025 at 13:33
Aristocrat’s acquisition of ETG supplier Interblock said to have stalled over price

Aristocrat’s acquisition of ETG supplier Interblock said to have stalled over price

Wed 21 May 2025 at 14:20
Made in Australia

Aristocrat books growth across all business segments as 1H25 profit hits US$474 million

Wed 14 May 2025 at 07:03
Load More
Tags: AustraliaBally's Corpboard of directorsInvestment Holdings Pty LtdreviewStar Entertainment Group
Share47Share8
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Macau GGR comes in at MOP$18.9 billion in April, up 1.7% year-on-year

Citi: Macau GGR jumped 16% week-on-week to US$85 million per day

by Ben Blaschke
Tue 27 May 2025 at 19:08

Macau’s gross gaming revenue is believed to have grown 16% week-on-week to around MOP$686 million (US$84.9 million) per day for the seven days from 19 to 25 May, aided by a significant improvement in VIP volumes according to industry channel...

SABA Sports to exhibit at SBC Summit 2025 in Lisbon

SABA Sports to exhibit at SBC Summit 2025 in Lisbon

by Newsdesk
Tue 27 May 2025 at 11:35

CLIENT PROMOTION SABA Sports has announced its participation in SBC Summit 2025, scheduled to take place from 16 to 18 September at the Feira Internacional de Lisboa in Portugal. The company is inviting all attendees to visit at Stand C190,...

Inaugural WSOP Online breaks online poker records after annual Las Vegas series postponed in 2020

2025 World Series of Poker festival gets underway in Las Vegas today

by Ben Blaschke
Tue 27 May 2025 at 07:14

The annual World Series of Poker (WSOP) gets underway in Las Vegas today, with a record 100 bracelet events on offer to the thousands of players who will travel from across the world. Running from 27 May until 16 July...

Japan’s Dynam reopens 101 pachinko halls after some closure requests lifted

Dynam Japan continues pachinko hall rationalization as revenues fall again in FY25

by Newsdesk
Tue 27 May 2025 at 06:45

Pachinko hall operator Dynam Japan Holdings has reported a 3.3% year-on-year decline in total revenue to JPY126.1 billion (US$884 million) in the 12 months to 31 March 2025, impacted by a 4.4% fall in revenue from its pachinko business to...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English