Embattled Stars Accept $180 million in US casino operator Bally

Star Entertainment A $300 million ($180 million) financing agreement has been signed with Bally's Corp., which could hand over control of cash-strapped Australian gambling companies to U.S. casino operators.

According to the transaction Register. These notes will eventually give Bally's controlling shares approximately 56.7% on a fully diluted basis.

Star said it is also being discussed with the largest shareholder investment holder, controlled by the Australian billionaire family Bruce Mathisson) May be subscribed to a funding package of up to $100 million. “If this happens, Barry's investment will be reduced to $200 million,” it said.

Bally's is expected to inject $100 million into its initial $100 million tomorrow, providing vital support to keep the struggling Sydney-based group. The remaining funds will be approved by regulators and shareholders in late June.

Star has been competing for new capital due to sluggish gaming revenue. In February, the company said it was exploring options to increase liquidity, including selling stakes in the Brisbane property as it limitedly raised $150 million in subprime debt. Its trouble began in 2022 after regulators announced the company was not suitable for operating its casino.