Overview
- Queensland Attorney-General Deb Frecklington approved the deal after an OLGR probe found Bally’s Corporation and Investment Holdings suitable to assume control.
- The NSW Independent Casino Commission approved Bally’s as a close associate and backed Investment Holdings’ larger stake after a rigorous assessment with no adverse findings.
- Star told the ASX the approvals enable conversion of the $300 million funding into equity and allow nomination of new directors, which the company said should occur within days.
- Bally’s and the Mathieson family vehicle are now positioned to own more than 50% of Star, consolidating control across the Brisbane, Gold Coast and Sydney operations.
- The approvals do not lift the suspension of The Star Sydney’s casino licence, and the company continues restructuring that includes recent job cuts and the sale of Queen’s Wharf Brisbane under transition arrangements.