The post Bally’s and Mathieson Take Control After Star Entertainment’s AU$300m Lifeline Approval appeared first on Vegas Slots Online News.
Embattled Australian casino operator Star Entertainment has received the all-clear to proceed with an AU$300m (US$193m) rescue package from US firm Bally’s Corporation and Investment Holdings Pty Ltd. The latter is a company that Australian pub magnate Bruce Mathieson controls, alongside his family. His business empire includes a substantial number of slot machines at his bars.
two firms will own more than 50% of Star following the completion of the deal
The gambling regulators in New South Wales and Queensland announced on Friday that they approved the transaction that was voted on by shareholders in June. The two firms will own more than 50% of Star following completion of the deal.
Both regulators explained that Bally’s and Investment Holdings Pty underwent stringent assessments to ensure they were suitable to become key players in Star.
Star Entertainment chair Anne Ward said the management team is happy with the news and that it’s a “critical step” in bringing the company back towards “stability and financial sustainability.”
Star owns casinos in Sydney, the Gold Coast, and Brisbane. It has fallen on hard times after extensive anti-money laundering failures that led to hefty fines, investigations, and a loss of its casino licenses. Extensive management changes and heavy financial losses have also contributed to the share price plummeting 49% over the past year.
The post Bally’s and Mathieson Take Control After Star Entertainment’s AU$300m Lifeline Approval appeared first on Vegas Slots Online News.
