Inside the Deal: Strategy, Stakes, and Stakeholders
Once the dust settles and if all notes are subscribed, Bally’s could control up to 56.7% of Star’s fully diluted share capital. However, Investment Holdings Pty Ltd., Star’s major shareholder, may still subscribe to a portion of the notes — potentially reducing Bally’s final stake.
Meanwhile, to keep close tabs on progress during the approval process, a Bally’s representative will join The Star’s board as an observer — a silent seat with powerful implications.
Experience Meets Opportunity: A Proven Turnaround Formula
Bally’s made clear that this isn’t a leap in the dark. The company has a reputation for revitalizing underperforming casino assets, and plans to bring that expertise to the table in Australia. The deal aims to stabilize The Star and help it reassert itself as Australia’s leading gaming destination, while also emphasizing collaboration with regulators and stakeholders to ensure a compliant and sustainable future.
Legal Architects Behind the High-Roller Move
The intricate legal framework behind the acquisition was crafted by heavyweight law firms. Bally’s received counsel from Kirkland & Ellis LLP and MinterEllison, while Allens represented The Star.
Leading the charge for Kirkland were corporate partners Ed Lee and Lee Blum, debt finance experts Paul Sandler and Justin Greer, and capital markets partner Josh Korff.
Full details of the legal teams at MinterEllison and Allens were not available at the time of publication.
