In a bold power play across the global gaming landscape, Bally’s Corp. announced Monday a high-stakes agreement to acquire a controlling interest in Australia’s struggling Star Entertainment Group Ltd., injecting approximately AU$300 million ($187 million USD) in a strategic rescue bid.
The American casino heavyweight is wagering big on a turnaround, structured through a mix of subordinated convertible notes and debt financing, to breathe life into Star’s fading empire. The deal, engineered by three elite law firms, marks a dramatic chapter for both companies and a calculated bet on recovery and reinvention.
A Lifeline from Las Vegas to the Land Down Under
With operations spanning Sydney, Brisbane, and the Gold Coast, The Star employs around 8,000 team members and has faced intense regulatory scrutiny and financial instability in recent years. Bally’s intends to flip the script with this investment — rolled out in two tranches — promising not just capital, but the operational firepower to engineer a corporate resurrection.
“This transaction gives Bally’s a front-row seat to revitalize one of Australia’s iconic gaming institutions,” said Soo Kim, Bally’s chairman. “We believe this partnership will unlock The Star’s potential and reward its shareholders with a much brighter future.”
