Bally's Proposes $250 Million Takeover of Star Entertainment
US casino giant Bally's offers a controlling stake to rescue Australia's cash-strapped Star Entertainment, which faces financial and operational challenges.
- Bally's has proposed a $250 million equity investment for a controlling stake in Star Entertainment, aiming to stabilize the struggling casino operator.
- Star Entertainment is currently pursuing refinancing options, including a deal with Salter Brothers Capital for up to $940 million in debt capacity.
- Bally's chair Soo Kim argues that keeping Star's assets intact is essential for operational turnaround and long-term success.
- Star's financial troubles stem from regulatory crackdowns on money laundering and a decline in traditional in-person gambling revenue.
- The casino industry faces broader challenges as Australians increasingly shift to online and mobile gambling platforms, reducing reliance on physical casino venues.
Australian Broadcasting Corporation 
ReadWrite 
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Forbes 
