US Casino Giant Bally's Makes $250M Bid for Control of Star Entertainment

Bally's proposal offers an alternative to Star's recent deals, aiming to secure long-term funding and stabilize the struggling casino operator.

Star Entertainment has received an unsolicited $250 million bid from US-based Bally's Corporation, seeking a 50.1% controlling stake in the company.
The proposal comes after Star finalized agreements on Friday to sell its 50% stake in Brisbane's Queen's Wharf project for $53 million and secure $250 million in bridging finance from King Street Capital Management.
Bally's has positioned its offer as a long-term solution, potentially providing additional funding depending on Star's financial needs, while Star's recent deals are aimed at addressing immediate liquidity concerns.
Star faces significant financial challenges, including ongoing losses, a looming $330 million fine for alleged money laundering violations, and the need to refinance up to $940 million in existing debt.
The company's board is evaluating Bally's offer alongside its existing agreements, as analysts suggest the proposal could attract further interest from other potential investors.