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Star Entertainment Group Shareholders Approve $195mln Rescue Package Led by Bally's Corporation
ByAinvest
Wednesday, Jun 25, 2025 12:01 am ET1min read
Star Entertainment Group's shareholders approved a 300 million AUD ($195 million) rescue package led by Bally's Corporation and the Mathieson family, allowing the embattled Australian casino group to remain operational. The package will enable Star to continue operating despite its ongoing regulatory issues and financial struggles.
Star Entertainment Group's shareholders have approved a rescue package worth A$300 million ($195 million), led by Bally's Corporation and the Mathieson family, allowing the embattled Australian casino group to remain operational [1]. The rescue package, which consists of multi-tranche convertible notes and subordinated debt instruments, will enable Star to continue operating despite ongoing regulatory issues and financial struggles [2].The proposal was approved by more than 98% of investors' proxy votes at a Sydney meeting, according to company slides shown at the live-streamed event [2]. The rescue bid is being led by Bally's Corp and the Mathieson family, Star's largest existing shareholder, with Bally's and the Mathieson family set to control around 56% of Star's issued capital after the notes are converted [2].
Star Entertainment Group has been struggling to stay afloat amid a growing debt crisis and regulatory investigations over the past two years [2]. The rescue deal provides cash funding and assists Star's ability to continue as a going concern, helping to avoid outcomes such as voluntary administration [2]. The company has previously sold half of its A$3.6 billion Queen's Wharf project in Brisbane and a theatre attached to its main casino in inner-city Sydney as part of its efforts to stay afloat [2].
Bally's owns 19 casinos across 11 U.S. states and the Star investment is its first in Australia [2]. The rescue package is a significant step for Star Entertainment Group, which is Australia's second-largest casino operator after Blackstone-controlled Crown Resorts [2].
References:
[1] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3SS07I:0-australia-s-star-entertainment-advances-after-shareholders-approve-195-million-rescue-package/
[2] https://finance.yahoo.com/news/australias-star-casino-shareholders-approve-024055967.html
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