US gaming giant Bally’s Corporation has struck a $300 million deal to rescue Australian casino operator Star Entertainment.
This announcement comes was made as Star faces financial difficulties, regulatory scrutiny, and a significant drop in stock value.
In case you missed it, we unpacked The Star’s trading halt on The Briefing:
The deal, which was confirmed on April 7, 2025, involves Bally’s acquiring a controlling stake of 56.7 per cent in Star through a combination of convertible notes and subordinated debt.
The immediate payment of $100 million is due on April 9, 2025, with the remaining $200 million subject to shareholder approval and regulatory clearances.
Star has faced mounting pressure due to its financial struggles and ongoing investigations into alleged money laundering activities.
The comapny’s shares have been suspended from trade on the Australian Sexurities Exchange after it failed to submit its half-year reports.
Star’s stock has also plummeted by 42 per cent in 2025.
For Bally’s, this marks its first venture outside the US, where it operates 19 casinos across 11 states.
Bally’s Chairman, Soo Kim, expressed confidence in the deal, stating, “This transaction provides Bally’s the opportunity to infuse The Star with what it needs to regain its position as Australia’s preeminent gaming destination.”
Kim, a 47-year-old South Korean-born entrepreneur, has built a growing gambling empire by targeting struggling companies, often in debt or bankruptcy.
Through his firm, Standard General, Kim has accumulated $1.5 billion in assets under management and is known for his “opportunistic” investment style.
“Bally’s will continue to work collaboratively with regulators and stakeholders to support a successful turnaround of The Star,” the company said in a statement.
Subscribe to The Briefing, Australia’s fastest-growing news podcast on LiSTNR today. The Briefing serves up the latest news headlines and a deep dive into a topic affecting you. All in under 20 minutes.