Bally’s Proposes $250 Million Acquisition of Star Entertainment

Bally’s Corporation has proposed a A$250 million cash injection to Star Entertainment, which is experiencing financial difficulties and seeks a controlling interest in the Australian casino operator. This proposal includes convertible notes that could give Bally’s at least a 50.1% stake in Star, and is under review by Star's board, although there is no guarantee it will proceed. This move comes shortly after a deal with Hong Kong investors that provided Star with A$53 million, highlighting its urgent need for capital. Bally's CEO Soo Kim expressed a willingness to discuss broader transaction structures to enhance value for all stakeholders. The potential acquisition complicates Star's financial restructuring and may involve navigating regulatory challenges in both Australia and the U.S. Star has been struggling with declining gaming revenues and is exploring various options to bolster its liquidity.