Star Entertainment Group shareholders have overwhelmingly voted in favor of an AU$300 million (US$195 million) rescue proposal by US casino operator Bally’s Corp and local investor Investment Holdings.
At a General Meeting held on Wednesday morning, 99.36% of eligible shareholders gave their approval for the acquisition of relevant interests by Bally’s Corp and 99.17% for the acquisition of relevant interests by Investment Holdings. They also approved the allotment and issue of convertible notes that, if converted into shares, will see Bally’s and Investment Holdings each hold more than 20% of Star’s issued shares and more than 50% when aggregated.
The rescue proposal has been widely touted as the last option for Star to avoid administration after a series of alternate proposals fell by the wayside earlier this year.
The Australian casino giant revealed in January that it was burning through cash faster than it was earning. It ultimately accepted the Bally’s offer, pending shareholder approval, in April and was forwarded AU$100 million to cover short-term commitments. The company has separately agreed to offload its debt-laden Queen’s Wharf Brisbane development to Hong Kong partners Chow Tai Fook and Far East Consortium.
Addressing shareholders before Wednesday’s vote, Star chair Anne Ward reiterated the findings of an independent expert who deemed that, while Bally’s rescue package is “not fair”, the company would still be “better off” in voting yes.
Ward added, “The Star is facing significant uncertainty regarding its ability to continue as a going concern, amid a challenging operating environment and several claims, including awaiting judgment in the civil proceedings launched by AUSTRAC, the hearing of which concluded on 11 June 2025.
“The strategic investments by Bally’s and Investment Holdings provide cash funding and assist The Star’s ability to continue as a going concern, helping to avoid outcomes such as voluntary administration, which is likely not to be in the best interests of shareholders.”
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