Star Entertainment Secures $300M Rescue Deal with Bally’s Corporation
The US casino giant's investment includes an initial $100 million payment, averting Star's collapse while awaiting regulatory and shareholder approvals.
- Star Entertainment has finalized a $300 million bailout agreement with US-based Bally’s Corporation to avoid financial administration.
- Bally’s will acquire a controlling stake in Star, with its ownership potentially reaching 56.7%, pending regulatory and shareholder approval.
- An initial payment of $100 million is set to be made by Wednesday, providing critical funds to stabilize Star’s operations.
- The deal follows the collapse of a $940 million refinancing attempt with Salter Brothers, leaving Bally’s as Star's only viable rescue option.
- Star’s largest shareholder, Bruce Mathieson, is in discussions to invest an additional $100 million, which could reduce Bally’s total contribution to $200 million.
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