Australia's Star casino shareholders approve US$195 million rescue package
The rescue bid is led by US casino firm Bally's Corp and the Mathieson family, which is Star's largest existing shareholder.
The proposal, put to shareholders at a Sydney meeting, was approved by more than 98 per cent of proxy votes, according to company slides shown at the event, which was live-streamed. A final vote result will be announced later on Wednesday.
Australia's second-largest casino operator after Blackstone-controlled Crown Resorts, Star has been battling a deepening debt crisis and regulatory probes over the past two years.
The rescue deal comprises multi-tranche convertible notes and subordinated debt instruments. Upon conversion of the notes, Bally's and the Mathieson family will control around 56 per cent of Star's issued capital.
Star chairman Anne Ward said the board had no choice but to support the Bally's-led bid after rival interest from Oaktree and Salters Brothers collapsed earlier this year.
"The strategic investments ... provide cash funding and assist Star's ability to continue as a going concern, helping to avoid outcomes such as voluntary administration, which is likely not in the best interests of shareholders," Ward told the meeting.
In March, Star said it would sell half of its A$3.6 billion Queen's Wharf project in Brisbane to Hong Kong-based Far East Consortium International and Chow Tai Fook Enterprises for just A$53 million. It has also sold a theatre attached to its flagship casino in Sydney's inner city as part of efforts to stay solvent.
Bally's owns 19 casinos across 11 US states, according to its website, and the Star deal marks its first investment in Australia.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
a few seconds ago
- The Star
Porsche-backed Group14 closes new funding, takes control of JV's battery material plant
An electric vehicle charging location is shown from the view of a drone in Carlsbad, California, U.S., May 14, 2025. REUTERS/Mike Blake/File Photo (Reuters) -Group14 Technologies said on Wednesday it had raised $463 million in its latest financing round led by South Korean investment firm SK, as the silicon-based battery material startup aims to scale up production. The startup said it also acquired the remaining 75% stake in its joint venture with SK, gaining full ownership of manufacturing operations for its silicon battery material in South Korea. The Woodinville, Washington-based company makes silicon-carbon composite material or SCC55, which can replace graphite anodes in lithium-ion batteries, enabling them to charge more quickly and hold more energy. Demand for electric vehicles and advanced technologies has driven steady investor interest in the battery materials sector, with multiple companies competing to attract funding. Venture capital firms are also increasingly targeting alternative battery materials companies, which have the potential to reduce the cost and size of battery packs, similar to the technology developed by Group14. The company did not reveal the valuation for its latest funding in its statement, but a source familiar with the matter told Reuters it was higher than the startup's value of more than $1 billion in a 2022 round. The battery materials manufacturer had secured $614 million in its extended series C round in 2022, and the latest series D funding brings the total equity raised to more than $1 billion, the company said. The new round, series D, also saw participation from existing investors such as Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund and Microsoft Climate Innovation Fund. The battery active material (BAM) factory in South Korea produces Group14's SCC55 at EV scale. The company now fully owns three BAM factories, with the other two located in Washington. "We're strengthening regional battery supply chains and safeguarding our customers from global trade uncertainty," CEO Rick Luebbe said. (Reporting by Pritam Biswas in Bengaluru; Editing by Leroy Leo)
Free Malaysia Today
3 hours ago
- Free Malaysia Today
Baidu posts quarterly revenue drop as consumption flags
Baidu achieved revenue of US$4.56 billion in Q2 2025. (EPA Images pic) BEIJING : Chinese internet giant Baidu recorded a slight drop in quarterly revenue today, dragged down by a persistent slump in domestic spending as its push into artificial intelligence (AI) accelerates. Beijing-based Baidu, the operator of China's top search engine, generates a significant proportion of its revenue from online ads, making its performance highly susceptible to fluctuations in the country's spending patterns. The firm achieved revenue of ¥32.7 billion (US$4.56 billion) during the second quarter (Q2) of 2025, down 4% year-on-year, according to a statement to the Hong Kong Stock Exchange. Revenue from online marketing during the period was down 15% year-on-year to ¥16.2 billion, the statement showed. China is facing an uncertain economic outlook as cautious consumers navigate a years-long downturn in the property market, high unemployment and trade tensions with Washington. Retail sales – a key gauge of consumer demand in China – grew at a slower rate in July than expected, official data showed on Friday. Following years of tight regulation of the vast Chinese tech sector, Beijing is hoping that recent advancements in AI will provide the spark needed to jumpstart the domestic economy. Baidu also said today that its net profit during Q2 was ¥7.3 billion – a 33% jump year-on-year but down 5% from the previous quarter. The company has invested heavily in AI, placing it in an increasingly competitive race alongside China's other tech giants Tencent, Alibaba and ByteDance. It has also sought to advance its autonomous 'robotaxi' services abroad. Baidu and Lyft announced plans this month to launch robotaxis on the rideshare app in Germany and Britain in 2026, pending regulatory approval. The firm said in a joint statement with Uber in July that it plans to offer driverless cars on the Lyft competitor's app in Asia and the Middle East this year.
Malay Mail
3 hours ago
- Malay Mail
HGC Appoints Argon Ho as Chief Commercial Officer of Group ICT Business
Argon Ho, Chief Commercial Officer – Group ICT Business at HGC HONG KONG SAR - Media OutReach Newswire - 20 August 2025 - HGC Global Communications (""), a fully-fledged ICT service provider and network operator with extensive global coverage, today announced the appointment ofas, with immediate effect. In this role, Argon will oversee the Group's ICT organisation and enhance ICT spread out — driving the Group horizontal growth across cybersecurity, digital solutions and cloud through AI, while pursuing project-based vertical penetration within existing accounts and into new markets, and concurrently expanding HGC's international over 30 years in ICT, Argon is a widely recognised leader in Greater China's technology market, especially in enterprise software and applications. His extensive expertise spans strategic planning, cyber security, and data governance. Prior to joining HGC, he honed through tenures as Managing Director of Check Point Software Technologies for the Greater China Region and General Manager at Cisco Hong Kong and Macau. Beyond his corporate achievements, Argon actively contributes to the community through advisory and directorial roles in organizations such as the Institute of Big Data Governance, the eHealth Consortium, and the Senior Citizen Home Safety Association, among his new role, Argon will champion the growth of ICT business by accelerating the adoption of cutting-edge technologies, simplifying digital transformation for clients, and delivering AI empowered ICT solutions and platform that meet the evolving needs of mass market, corporate and SME customers. Argon will also support corporate customers in expanding their business overseas seamlessly by leveraging the Group's regional strengths. Additionally, he will drive the Group regional expansion by strengthening system integration and enhancing ICT and digital solutions locally and internationally., said, "We are delighted to welcome Argon to HGC. His expertise and leadership will help advance our ICT strategies and support the Group's continuous growth in the region. Argon's appointment reinforces our focus on expanding our ICT business and achieving our goal of advancing global connectivity and innovation. We are confident that, under Argon's leadership, our ICT business will reach new heights, unlock future growth opportunities and further enhance our competitiveness in dynamic markets.", said, "I am honored to join HGC and its dynamic and innovative team. Leveraging the Group's robust regional infrastructure, strong ecosystem partnerships, and pool of top talent, we are well-positioned to harness emerging technologies like AI to deliver customized ICT solutions that empower clients at every level on their digital transformation journey. Moving forwards, we will focus on AI integration, cybersecurity, and regional expansion, to drive the continued growth of our ICT business and reinforce HGC's reputation as a leading provider of innovative ICT solutions."Hashtag: #HGC #HGC環電 #Leadership #HGCInternationalBusiness #GlobalGrowth #ICT #DataStrategy #DigitalInfrastructure #CarrierCollaboration #Telecommunications #CloudCommunications #GoAhead #GotYourBack The issuer is solely responsible for the content of this announcement. About HGC Global Communications Limited HGC Global Communications Limited (HGC) is a leading Hong Kong and international telecom operator and ICT solution provider. The company owns an extensive network and infrastructure in Hong Kong and overseas and provides various kinds of services. HGC has 20 global offices and staff presence in 33 cities worldwide. It provides telecom infrastructure service to other operators and serves as a service provider to corporate and households. The company provides full-fledged telecom, data centre services, ICT solutions and broadband services for local, overseas, corporate, SME and mass markets. HGC owns and operates an extensive fibre-optic network, five cross-border telecom routes integrated into tier-one telecom operators in mainland China and connects with hundreds of world-class international telecom operators. The company is committed to further investing and enriching its current infrastructure and, in parallel, adding on top the latest technologies and developing its infrastructure services and solutions. In 2019, HGC Group completed the acquisition of Macroview Telecom Limited (Macroview), a leading digital technology solution and managed services provider. The addition of Macroview further accelerates HGC Group's digital transformation path and positioning as a pioneering ICT and digital services leader. HGC is a portfolio company of I Squared Capital, an independent global infrastructure investment manager focusing on energy, utilities, transport, social infrastructure, digital infrastructure, and environmental infrastructure in North America, Europe, Latin America and Asia. To learn more, please visit HGC's website at:
