Latest news with #Bally'sCorporation
Nikkei Asia
10 hours ago
- Business
- Nikkei Asia
Australia's Star casino shareholders approve $195mn rescue package
Star Entertainment Group has been struggling to stay afloat amid a growing debt crisis and regulatory investigations over the past two years. © Reuters SYDNEY (Reuters) -- Star Entertainment Group's shareholders approved on Wednesday a 300 million Australian dollar ($195 million) rescue package that will allow the embattled Australian casino group to remain operational, according to a company presentation. The rescue bid is being led by U.S. casino firm Bally's Corporation and the Mathieson family, which is Star's largest existing shareholder.
Sky News AU
a day ago
- Business
- Sky News AU
Star Entertainment Group announces new appointments as it looks to rebuild under Bally's Corporation ownership
Star Entertainment Group has gone on a hiring spree as the embattled casino operator gears up for a major rebuild after years of scandals and financial woes. Helen Galloway, a director of Hockey Australia and chair of Bank of us, has been appointed the independent chair of The Star Sydney as the casino operator looks to implement a new governance framework and decentralise to its three properties in NSW and Queensland. Ms Galloway's appointment is part of a raft of changes Star announced in November in agreement with regulators and gaming commissions in both NSW and Queensland. The company has also appointed hospitality veteran Jennifer Cronin as interim CEO of The Star Gold Coast alongside Patrick McGlinchey as Star's group chief legal officer, ex-KPMG's Rowena Craze as the group chief risk officer, Sarah Derry as chief people officer and Peter Meliniotis as group chief information officer. Star's CEO Steve McCann said the appointments were critical to the casino operator as it rebuilds. 'I am pleased to finalise these key appointments for the Star,' Mr McCann told shareholders. 'These appointments add to the depth of experience and talent at the board and executive level and are a key step in the Star's progress to suitability.' Star's appointments come after it signed a $300m takeover deal with US gaming giant Bally's Corporation as it was teetering on the brink of collapse for months. The company was forced into a trading halt earlier this year after it failed to publish its financial results by its deadline due to its dire position. It was finally able to publish its results after receiving the offer from Bally's Corporation and publican billionaire Bruce Mathieson that injected $100m of short-term cash into Star. Star in April revealed revenue was down more than 16 per cent for the first half of the 2025 financial year. It also reported a $21m loss for the first three months of this year as dwindling visitor numbers, gaming restrictions and ex-Tropical Cyclone Alfred plagued the embattled casino operator. Star revealed revenue for the third quarter of the 2025 financial year was down nine per cent from the December quarter to $271m – a 35 per cent year-on-year fall. Its earnings before interest, taxation, depreciation and amortisation – which measures the business' core profitability – was down to a $21m loss from an $8m drop in the previous quarter. The company is also likely to face a $400m fine from the financial crimes agency Austrac over money laundering breaches over several years and will come under further restrictions to crack down on illegal activities.
Yahoo
07-05-2025
- Business
- Yahoo
Bally's Corporation to Report 2025 First Quarter Results After Market Close on May 12
PROVIDENCE, R.I., May 07, 2025--(BUSINESS WIRE)--Bally's Corporation (NYSE: BALY) announced today that it will release its financial results for the first quarter ended March 31, 2025 after the market closes on Monday, May 12, 2025. About Bally's Corporation Bally's Corporation (NYSE: BALY) is a global casino-entertainment company with a growing omni-channel presence. Bally's owns and operates 19 casinos across 11 states, along with a golf course in New York and a horse racetrack in Colorado, and holds OSB licenses in 13 jurisdictions in North America. The acquisition of Aspers Casino in Newcastle, UK, expands its international reach. It also owns Bally Bet, a first-in-class sports betting platform, Bally Casino, a growing iCasino platform, Bally's Interactive International division (formerly Gamesys Group), a leading global interactive gaming operator, and a significant economic stake in Intralot S.A. (ATSE: INLOT), a global lottery management and services business. With 11,500 employees, its casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally's also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas. View source version on Contacts Investors Marcus Glover Executive Vice President, Global Operations Group 401-475-8564 ir@ Media Joseph Jaffoni, Richard Land JCIR 212-835-8500 baly@
Business Wire
07-05-2025
- Business
- Business Wire
Bally's Corporation to Report 2025 First Quarter Results After Market Close on May 12
PROVIDENCE, R.I.--(BUSINESS WIRE)--Bally's Corporation (NYSE: BALY) announced today that it will release its financial results for the first quarter ended March 31, 2025 after the market closes on Monday, May 12, 2025. About Bally's Corporation Bally's Corporation (NYSE: BALY) is a global casino-entertainment company with a growing omni-channel presence. Bally's owns and operates 19 casinos across 11 states, along with a golf course in New York and a horse racetrack in Colorado, and holds OSB licenses in 13 jurisdictions in North America. The acquisition of Aspers Casino in Newcastle, UK, expands its international reach. It also owns Bally Bet, a first-in-class sports betting platform, Bally Casino, a growing iCasino platform, Bally's Interactive International division (formerly Gamesys Group), a leading global interactive gaming operator, and a significant economic stake in Intralot S.A. (ATSE: INLOT), a global lottery management and services business. With 11,500 employees, its casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally's also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas.
Sky News AU
30-04-2025
- Business
- Sky News AU
Star Entertainment Group reports $21m loss as ex-Tropical Cyclone Alfred, gambling restrictions hurt embattled casino
Star Entertainment Group has reported a $21m loss for the first three months of this year as dwindling visitor numbers, gaming restrictions and the ex-Tropical Cyclone Alfred plagued the embattled casino operator. The company on Wednesday informed shareholders that its future still remains in doubt just weeks after announcing it has agreed to a takeover bid from US gaming giant Bally's Corporation and Australian publican Bruce Mathieson. Star revealed revenue for the third quarter of the 2025 financial year was down nine per cent from the December quarter to $271m – a 35 per cent year-on-year fall. Its earnings before interest, taxation, depreciation and amortisation – which measures the business' core profitability – was down to a $21m loss from an $8m drop in the previous quarter. Star said the impacts of ex-Tropical Cyclone Alfred hurt revenue for its Gold Coast venue with the company reporting a 13 per cent revenue slump compared to the December quarter. It also suffered an EBITDA loss of $1m at the Brisbane venue, in part due to closing down from the cyclone. The casino group has also blamed the introduction of carded play and cash limits for the decline in revenue. Its daily revenue has fallen 17 per cent at its Sydney venue, compared to its four-week daily average before August 19, after the restrictions were implemented in October. Revenue at the Sydney venue has dived eight per cent compared to the previous quarter and may fall further as the $5000 cash limit will be reduced to $1000 in August. The gambling restrictions have been legislated for the Star Gold Coast but the Queensland government will determine when they are implemented. Shareholders were informed the company is desperately looking to secure a near-term cash injection and complete multiple deals to keep the business afloat. 'There remains material uncertainty regarding the Group's ability to continue as a going concern,' the company said. It needs to complete the takeover deal from Bally's and Mr Mathieson, secure the $58m being held in escrow from the sale of the Sydney events space and completely exit from the Brisbane Queen's Wharf complex it sold to Hong Kong investors. Star's liquidity position also remains in doubt as it reported having $44m in cash as of March 31. However, this was prior to Star receiving a $100m cash injection as part of the takeover offer with the casino group revealing earlier this month it had $98m. The update comes several weeks after Star revealed it lost $302m over the first half of the 2025 financial year. The casino operator was pulled out of its trading halt it was in after failing to publish its results by the February 28 deadline. Star had about $450m in debt at the end of 2024 and while the company's directors admitted there is uncertainty about Star's future, it noted the company could meet its liabilities if certain deals fall in place. The takeover deal saw $100m already injected into Star while the remaining $200 million - which is convertible to shares - will be paid after a shareholder vote and after the deal receives regulatory approval from the Foreign Investment Review Board.
