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Perth Now
12-08-2025
- Business
- Perth Now
Australian shares edge higher ahead of rates call
The Australian bourse was tracking modestly higher at midday ahead of a local interest rate decision widely-expected to result in a cut. The S&P/ASX200 had gained 12 points, or 0.14 per cent, to 8856.8 at lunchtime on Tuesday, as the broader All Ordinaries posted an increase of 8.9 points, or 0.14 per cent, to 9126.5. United States equities and yields were little changed overnight, with investors in a holding pattern ahead of an inflation readout expected to offer an early glimpse into the pass through of tariffs to consumer prices. Economists and financial markets were all but certain of a 25 basis point interest rate reduction ahead of the Reserve Bank of Australia's board decision on Tuesday afternoon, reflecting subdued inflation numbers. Investors will also have fresh economic forecasts and analysis from the central bank, insights that could shape views on how many more cuts to expect. The nine-member board shocked financial markets and economists in July when they kept the cash rate at 3.85 per cent, defying expectations of a reduction. Interest rate-sensitive financial and discretionary stocks were leading the index higher at midday, with the latter up 0.8 per cent. The Star Entertainment Group was a discretionary standout, up 29.1 per cent mid-session after securing a deal to sell its stake in the Queen's Wharf Casino in Brisbane. JB Hi-Fi shares were also up a firm 6.4 per cent at lunchtime. All big for banks were in the green, led by ANZ, with a 2.1 per cent lift. Commonwealth Bank was up 0.4 per cent, while NAB and Westpac were both sitting on modest 0.1 per cent gains.
Sydney Morning Herald
30-07-2025
- Business
- Sydney Morning Herald
As it happened: Brisbane on Wednesday, July 30
Key posts 1.47pm Falling inflation points towards interest rate cut 11.21am The Wiggles' Tree of Wisdom to take centre stage in Brisbane 11.16am 'Still come to school': Education Minister promises student safety during teacher strike 11.03am Qld minister under 'conflict management plan' over husband's Queen's Wharf role 10.14am Parents urged to keep their kids home as teachers prepare to strike 10.01am 'It's going, it's ...': Queensland rocket meets fiery end 9.32am Cache of guns, child exploitation material allegedly found in hoarder's den 9.01am Kids who show up at school during strike will be supervised Hide key posts Go to latest Qld minister under 'conflict management plan' over husband's Queen's Wharf role By The husband of Queensland's Assistant Finance Minister was appointed secretary of the consortium behind Brisbane Queen's Wharf development earlier this year, estimates hearings have revealed. But Finance Minister Ros Bates has rebuffed questions about any conflict of interest involving her deputy. Lawyer Adam Stoker – the husband of Assistant Finance Minister Amanda Stoker – was appointed in April as the secretary for two companies: Destination Brisbane Consortium Integrated Resort Holdings Pty Ltd and Destination Brisbane Consortium Integrated Resort Operations Pty Ltd. The consortium, which comprises the embattled Star Entertainment Group, Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium, is behind the massive Queen's Wharf development fronting the Brisbane River. Loading Bates was quizzed during today's budget estimates hearings by shadow treasurer Shannon Fentiman about her role in negotiations around the financial position of Queen's Wharf. Company extract information from the Australian Securities and Investments Commission, tabled by Fentiman, shows Adam Stoker was appointed to the roles on April 28. Bates repeatedly declined to directly answer whether she knew of the 'huge conflict of interest', but said 'a conflict management plan is in place, and the assistant minister has had no contact [with the companies involved].' 3.22pm Former MP looks set to keep top development job By Matt Dennien Former federal Liberal MP Julian Simmonds will likely be made the permanent chief executive of the Queensland government's property development agency, Economic Development Queensland – without any formal recruitment process. Simmonds, who sat on Brisbane's LNP city council for nine years before his term as the federal member for Ryan, was given the role in an acting capacity in April after his predecessor Debbie McNamara's resignation. Deputy Opposition Leader Cameron Dick used much of his time in today's estimates hearings to quiz both Simmonds and State Development Department director-general John Sosso, whose role places him on the EDQ board. Simmonds said that, while he could not recall the timeline, he approached Deputy Premier Jarrod Bleijie's chief of staff to express his interest in the role and was told to speak to board chair Brendan O'Farrell. Sosso, a veteran public servant of LNP governments whose recent appointment to a group responsible for the redistribution of state electorates sparked impartiality concerns from Labor, said O'Farrell then recommended Simmonds for the job, 'satisfied that his skill set and personality would be advantageous to the future success of EDQ'. Asked whether a national executive recruitment process for the role had begun, Sosso said it had not, and that based on Simmond's current performance and unanimous support of the board, he may be appointed permanently 'without further advertisement' in coming months. Before Simmonds' appointment to the public agency role, he was the executive director of Australians for Prosperity, which ran attack ads against federal and state Labor governments. 2.05pm 'Build, baby, build': Bleijie apes Trump at estimates hearing By Matt Dennien Today's estimates hearings have moved on from Ros Bates to the varied portfolios of Deputy Premier Jarrod Bleijie. The minister for state development; infrastructure and planning; and industrial relations is no stranger to performance – both in and outside parliament. So it was that the staunch monarchist tried his best impression of US President Donald Trump in summing up his introductory comments for the state development portfolio. Loading 'If I were to sum up the role of the department of state development, it is this: build, baby, build. And we will,' Bleijie said, aping Trump's 'drill, baby, drill' slogan calling for a boost to oil and gas production. Bleijie used his appearance today to make a range of announcements, declaring the North Harbour site at Burpengary, north of Brisbane, a priority development area, and providing further detail of the looming CFMEU Commission of Inquiry. Terms of reference for that inquiry have now been finalised, Bleijie said, with the expected 12-month probe to consider evidence of, and allegations around, the 'systemic nature' of misconduct involving the current and former union leadership. Any involvement of organised crime or other criminal elements will feature, as will irregularities in the union's financial dealings and the impact of any misconduct on the productivity of specific projects, the construction industry in general, and the wider economy. Falling inflation points towards interest rate cut By Shane Wright Lower than expected inflation figures just released points to the Reserve Bank delivering an interest rate cut next month. The Australian Bureau of Statistics this morning reported that headline inflation was 0.7 per cent in the June quarter, taking the annual rate down to 2.1 per cent. It had been 2.4 per cent in the March quarter. The important measures of underlying inflation showed a 0.6 per cent increase in the quarter, with the annual rate easing to 2.7 per cent. The underlying inflation result was the lowest since December 2021. In announcing a surprise decision not to cut rates earlier this month, Reserve Bank governor Michele Bullock noted that these quarterly inflation numbers would be a key factor in determining when home buyers would enjoy further interest rate relief. 12.53pm Magnitude 8.7 earthquake in Russia sparks tsunami warnings A powerful magnitude 8.7 earthquake struck off Russia's Far Eastern Kamchatka Peninsula on Wednesday, generating a tsunami of up to 4 metres, prompting evacuations and damaging buildings, officials said. A Russian official said a tsunami with a wave height of between 3m and 4m was recorded in parts of the Kamchatka region. The Japanese government raised its tsunami alert and issued an emergency warning. It said it expected a tsunami as high as 3m to arrive at large coastal areas along the Pacific Ocean. The US National Tsunami Warning Centre, based in Alaska, issued a warning for parts of the Alaska Aleutian Islands, and a watch for portions of the West Coast, including California, Oregon, and Washington, and Hawaii. The advisory also includes a vast swath of Alaska's coastline. 12.51pm Chalmers celebrates 'absolutely outstanding' inflation numbers By Brittany Busch Treasurer Jim Chalmers is celebrating the latest inflation figures, which mark the lowest annual inflation rate in four years and mounts pressure on the Reserve Bank to deliver an interest rate cut in the next fortnight. 'These are very pleasing, very welcome, absolutely outstanding inflation numbers when you consider how far Australians have come together in this defining fight against inflation,' he told reporters in Canberra. 'When we came to office, headline inflation was three times higher than what it is in these numbers today.' The Australian Bureau of Statistics reported this morning that headline inflation had fallen from 2.4 per cent in the March quarter to 2.1 per cent in the June quarter. Chalmers said key metrics of inflation have all come down. 'This is the lowest inflation in almost four years.' 11.21am The Wiggles' Tree of Wisdom to take centre stage in Brisbane By Brittney Deguara Fans of The Wiggles' energetic Tree of Wisdom will be pleased to hear he's headlining a show in Brisbane. The iconic children's group have announced a new Australian tour at the end of the year, but there's just one Brisbane show on the schedule. The show celebrates Dominic Field's viral Tree of Wisdom character. 'The Tree of Wisdom started as a bit of fun, but what's blown me away is how much people, young and old, have embraced the character,' said Anthony Field (the blue Wiggle). The Wiggles' Tree of Wisdom Arena Tour will be taking over the Brisbane Entertainment Centre on December 6, with tickets available via presale from today, and general sale from Friday. In other Wiggles-related news, the group's chief executive, Kate Chiodo, was recently sent by YouTube to lobby the federal government over its social media ban, after it was announced the video website would be off limits for children under 16 in Australia. 11.16am 'Still come to school': Education Minister promises student safety during teacher strike By Felicity Caldwell Education Minister John-Paul Langbroek has promised students who turn up to state schools during next week's teacher strike will be safe and supervised. It comes as the Queensland Teachers' Union has asked parents to keep their children at home as members go on strike for the first time in 16 years. There are more than half a million students who attend state primary and high schools in Queensland. Speaking from Caloundra this morning, Langbroek said the Education Department and principals would make sure there would be adequate supervision for children at schools. 'Your children are our number one priority when it comes to safety,' he said. And despite the union urging parents to keep their kids at home, the minister says they should go to school. 'Students will be safe, they'll be supervised, and we're encouraging students to still come to school,' Langbroek said. 11.03am Qld minister under 'conflict management plan' over husband's Queen's Wharf role By Matt Dennien The husband of Queensland's Assistant Finance Minister was appointed secretary of the consortium behind Brisbane Queen's Wharf development earlier this year, estimates hearings have revealed. But Finance Minister Ros Bates has rebuffed questions about any conflict of interest involving her deputy. Lawyer Adam Stoker – the husband of Assistant Finance Minister Amanda Stoker – was appointed in April as the secretary for two companies: Destination Brisbane Consortium Integrated Resort Holdings Pty Ltd and Destination Brisbane Consortium Integrated Resort Operations Pty Ltd. The consortium, which comprises the embattled Star Entertainment Group, Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium, is behind the massive Queen's Wharf development fronting the Brisbane River. Loading Bates was quizzed during today's budget estimates hearings by shadow treasurer Shannon Fentiman about her role in negotiations around the financial position of Queen's Wharf. Company extract information from the Australian Securities and Investments Commission, tabled by Fentiman, shows Adam Stoker was appointed to the roles on April 28. Bates repeatedly declined to directly answer whether she knew of the 'huge conflict of interest', but said 'a conflict management plan is in place, and the assistant minister has had no contact [with the companies involved].' 10.14am Parents urged to keep their kids home as teachers prepare to strike By Felicity Caldwell Queensland parents are being encouraged to keep half a million state primary and high school students at home next Wednesday as teachers walk out. About 95 per cent of Queensland Teachers' Union members voted to walk off the job for 24 hours on Wednesday next week amid negotiations over pay and conditions with the state government. This morning, the union urged Queenslanders to 'stand with us at this crucial time', arguing schools were critically understaffed and teachers and school leaders were burning out. 'If you have children, please keep them at home on Wednesday,' the union said on social media. 'We do not do this lightly. We have been left with no choice, because education in this state is at breaking point.' Loading The union said the government's offer showed little respect for teachers' essential work and would reduce them to some of the lowest paid in Australia. 'The state government's offer, if accepted, would compound an already critical teacher shortage,' the union's statement says. Yesterday, an Education Department spokeswoman said it was focused on maintaining safe, operational schools and minimising disruption for students and staff.
The Age
30-07-2025
- Business
- The Age
As it happened: Brisbane on Wednesday, July 30
Key posts 1.47pm Falling inflation points towards interest rate cut 11.21am The Wiggles' Tree of Wisdom to take centre stage in Brisbane 11.16am 'Still come to school': Education Minister promises student safety during teacher strike 11.03am Qld minister under 'conflict management plan' over husband's Queen's Wharf role 10.14am Parents urged to keep their kids home as teachers prepare to strike 10.01am 'It's going, it's ...': Queensland rocket meets fiery end 9.32am Cache of guns, child exploitation material allegedly found in hoarder's den 9.01am Kids who show up at school during strike will be supervised Hide key posts Go to latest Qld minister under 'conflict management plan' over husband's Queen's Wharf role By The husband of Queensland's Assistant Finance Minister was appointed secretary of the consortium behind Brisbane Queen's Wharf development earlier this year, estimates hearings have revealed. But Finance Minister Ros Bates has rebuffed questions about any conflict of interest involving her deputy. Lawyer Adam Stoker – the husband of Assistant Finance Minister Amanda Stoker – was appointed in April as the secretary for two companies: Destination Brisbane Consortium Integrated Resort Holdings Pty Ltd and Destination Brisbane Consortium Integrated Resort Operations Pty Ltd. The consortium, which comprises the embattled Star Entertainment Group, Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium, is behind the massive Queen's Wharf development fronting the Brisbane River. Loading Bates was quizzed during today's budget estimates hearings by shadow treasurer Shannon Fentiman about her role in negotiations around the financial position of Queen's Wharf. Company extract information from the Australian Securities and Investments Commission, tabled by Fentiman, shows Adam Stoker was appointed to the roles on April 28. Bates repeatedly declined to directly answer whether she knew of the 'huge conflict of interest', but said 'a conflict management plan is in place, and the assistant minister has had no contact [with the companies involved].' 3.22pm Former MP looks set to keep top development job By Matt Dennien Former federal Liberal MP Julian Simmonds will likely be made the permanent chief executive of the Queensland government's property development agency, Economic Development Queensland – without any formal recruitment process. Simmonds, who sat on Brisbane's LNP city council for nine years before his term as the federal member for Ryan, was given the role in an acting capacity in April after his predecessor Debbie McNamara's resignation. Deputy Opposition Leader Cameron Dick used much of his time in today's estimates hearings to quiz both Simmonds and State Development Department director-general John Sosso, whose role places him on the EDQ board. Simmonds said that, while he could not recall the timeline, he approached Deputy Premier Jarrod Bleijie's chief of staff to express his interest in the role and was told to speak to board chair Brendan O'Farrell. Sosso, a veteran public servant of LNP governments whose recent appointment to a group responsible for the redistribution of state electorates sparked impartiality concerns from Labor, said O'Farrell then recommended Simmonds for the job, 'satisfied that his skill set and personality would be advantageous to the future success of EDQ'. Asked whether a national executive recruitment process for the role had begun, Sosso said it had not, and that based on Simmond's current performance and unanimous support of the board, he may be appointed permanently 'without further advertisement' in coming months. Before Simmonds' appointment to the public agency role, he was the executive director of Australians for Prosperity, which ran attack ads against federal and state Labor governments. 2.05pm 'Build, baby, build': Bleijie apes Trump at estimates hearing By Matt Dennien Today's estimates hearings have moved on from Ros Bates to the varied portfolios of Deputy Premier Jarrod Bleijie. The minister for state development; infrastructure and planning; and industrial relations is no stranger to performance – both in and outside parliament. So it was that the staunch monarchist tried his best impression of US President Donald Trump in summing up his introductory comments for the state development portfolio. Loading 'If I were to sum up the role of the department of state development, it is this: build, baby, build. And we will,' Bleijie said, aping Trump's 'drill, baby, drill' slogan calling for a boost to oil and gas production. Bleijie used his appearance today to make a range of announcements, declaring the North Harbour site at Burpengary, north of Brisbane, a priority development area, and providing further detail of the looming CFMEU Commission of Inquiry. Terms of reference for that inquiry have now been finalised, Bleijie said, with the expected 12-month probe to consider evidence of, and allegations around, the 'systemic nature' of misconduct involving the current and former union leadership. Any involvement of organised crime or other criminal elements will feature, as will irregularities in the union's financial dealings and the impact of any misconduct on the productivity of specific projects, the construction industry in general, and the wider economy. Falling inflation points towards interest rate cut By Shane Wright Lower than expected inflation figures just released points to the Reserve Bank delivering an interest rate cut next month. The Australian Bureau of Statistics this morning reported that headline inflation was 0.7 per cent in the June quarter, taking the annual rate down to 2.1 per cent. It had been 2.4 per cent in the March quarter. The important measures of underlying inflation showed a 0.6 per cent increase in the quarter, with the annual rate easing to 2.7 per cent. The underlying inflation result was the lowest since December 2021. In announcing a surprise decision not to cut rates earlier this month, Reserve Bank governor Michele Bullock noted that these quarterly inflation numbers would be a key factor in determining when home buyers would enjoy further interest rate relief. 12.53pm Magnitude 8.7 earthquake in Russia sparks tsunami warnings A powerful magnitude 8.7 earthquake struck off Russia's Far Eastern Kamchatka Peninsula on Wednesday, generating a tsunami of up to 4 metres, prompting evacuations and damaging buildings, officials said. A Russian official said a tsunami with a wave height of between 3m and 4m was recorded in parts of the Kamchatka region. The Japanese government raised its tsunami alert and issued an emergency warning. It said it expected a tsunami as high as 3m to arrive at large coastal areas along the Pacific Ocean. The US National Tsunami Warning Centre, based in Alaska, issued a warning for parts of the Alaska Aleutian Islands, and a watch for portions of the West Coast, including California, Oregon, and Washington, and Hawaii. The advisory also includes a vast swath of Alaska's coastline. 12.51pm Chalmers celebrates 'absolutely outstanding' inflation numbers By Brittany Busch Treasurer Jim Chalmers is celebrating the latest inflation figures, which mark the lowest annual inflation rate in four years and mounts pressure on the Reserve Bank to deliver an interest rate cut in the next fortnight. 'These are very pleasing, very welcome, absolutely outstanding inflation numbers when you consider how far Australians have come together in this defining fight against inflation,' he told reporters in Canberra. 'When we came to office, headline inflation was three times higher than what it is in these numbers today.' The Australian Bureau of Statistics reported this morning that headline inflation had fallen from 2.4 per cent in the March quarter to 2.1 per cent in the June quarter. Chalmers said key metrics of inflation have all come down. 'This is the lowest inflation in almost four years.' 11.21am The Wiggles' Tree of Wisdom to take centre stage in Brisbane By Brittney Deguara Fans of The Wiggles' energetic Tree of Wisdom will be pleased to hear he's headlining a show in Brisbane. The iconic children's group have announced a new Australian tour at the end of the year, but there's just one Brisbane show on the schedule. The show celebrates Dominic Field's viral Tree of Wisdom character. 'The Tree of Wisdom started as a bit of fun, but what's blown me away is how much people, young and old, have embraced the character,' said Anthony Field (the blue Wiggle). The Wiggles' Tree of Wisdom Arena Tour will be taking over the Brisbane Entertainment Centre on December 6, with tickets available via presale from today, and general sale from Friday. In other Wiggles-related news, the group's chief executive, Kate Chiodo, was recently sent by YouTube to lobby the federal government over its social media ban, after it was announced the video website would be off limits for children under 16 in Australia. 11.16am 'Still come to school': Education Minister promises student safety during teacher strike By Felicity Caldwell Education Minister John-Paul Langbroek has promised students who turn up to state schools during next week's teacher strike will be safe and supervised. It comes as the Queensland Teachers' Union has asked parents to keep their children at home as members go on strike for the first time in 16 years. There are more than half a million students who attend state primary and high schools in Queensland. Speaking from Caloundra this morning, Langbroek said the Education Department and principals would make sure there would be adequate supervision for children at schools. 'Your children are our number one priority when it comes to safety,' he said. And despite the union urging parents to keep their kids at home, the minister says they should go to school. 'Students will be safe, they'll be supervised, and we're encouraging students to still come to school,' Langbroek said. 11.03am Qld minister under 'conflict management plan' over husband's Queen's Wharf role By Matt Dennien The husband of Queensland's Assistant Finance Minister was appointed secretary of the consortium behind Brisbane Queen's Wharf development earlier this year, estimates hearings have revealed. But Finance Minister Ros Bates has rebuffed questions about any conflict of interest involving her deputy. Lawyer Adam Stoker – the husband of Assistant Finance Minister Amanda Stoker – was appointed in April as the secretary for two companies: Destination Brisbane Consortium Integrated Resort Holdings Pty Ltd and Destination Brisbane Consortium Integrated Resort Operations Pty Ltd. The consortium, which comprises the embattled Star Entertainment Group, Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium, is behind the massive Queen's Wharf development fronting the Brisbane River. Loading Bates was quizzed during today's budget estimates hearings by shadow treasurer Shannon Fentiman about her role in negotiations around the financial position of Queen's Wharf. Company extract information from the Australian Securities and Investments Commission, tabled by Fentiman, shows Adam Stoker was appointed to the roles on April 28. Bates repeatedly declined to directly answer whether she knew of the 'huge conflict of interest', but said 'a conflict management plan is in place, and the assistant minister has had no contact [with the companies involved].' 10.14am Parents urged to keep their kids home as teachers prepare to strike By Felicity Caldwell Queensland parents are being encouraged to keep half a million state primary and high school students at home next Wednesday as teachers walk out. About 95 per cent of Queensland Teachers' Union members voted to walk off the job for 24 hours on Wednesday next week amid negotiations over pay and conditions with the state government. This morning, the union urged Queenslanders to 'stand with us at this crucial time', arguing schools were critically understaffed and teachers and school leaders were burning out. 'If you have children, please keep them at home on Wednesday,' the union said on social media. 'We do not do this lightly. We have been left with no choice, because education in this state is at breaking point.' Loading The union said the government's offer showed little respect for teachers' essential work and would reduce them to some of the lowest paid in Australia. 'The state government's offer, if accepted, would compound an already critical teacher shortage,' the union's statement says. Yesterday, an Education Department spokeswoman said it was focused on maintaining safe, operational schools and minimising disruption for students and staff.
Sky News AU
07-07-2025
- Business
- Sky News AU
Star Entertainment Group to fork out more than $36m if Brisbane Queen's Wharf sale to Hong Kong investors collapses
Star Entertainment Group could be forced to pay almost $37 million if a deal to sell its Brisbane venue fails as negotiations for the newly built casino and hotel complex continue. The casino operator last week told shareholders the pair of Hong Kong investors, Chow Tai Fook Enterprises and Far East Consortium, have threatened to ditch the agreement. Each of the investors own 25 per cent of the Queen's Wharf venue respectively and have looked at purchase the remaining half. An April 30 deadline to sign the deal, which gave Star $53m in cash and consolidated the company's Queensland operations to the Gold Coast, was never met. The Hong Kong investors on June 30 notified Star of its intention to exit the deal which was set to come into effect on Monday. Star on Monday told shareholders both parties have extended the deadline for the deal's termination date until July 31. If a deal is not struck by the deadline, Star will have to repay a $10m cash injection from the Hong Kong investors and reimburse them $26.5m for previous contributions made towards the Brisbane venue. The cash will need to be repaid within 30 days from July 7 while Star will have 60 days to repay the $26.5m if the deal falls through. The failure of the Brisbane casino sale could be devastating for Star as the project has debts of about $1.6b. Star selling the Queen's Wharf complex inspired US gaming giant Bally's Corporation to lob a takeover offer at the casino operator earlier this year. The American company has been critical of the sale and told Sky News' Business Weekend it wanted to keep all of Star's assets. 'We want to keep everything together rather than strip it apart,' Bally's CEO Robertson Reeves said in April. 'We think that things tend to operate better if they're one larger organisation where you can actually generate benefits for each of the properties one by one by making one tweak in one place.' Despite receiving the $300m takeover bid from Bally's alongside local publican Bruce Mathieson, Star still faces crippling financial woes. It awaits a massive fine from financial crime watchdog AUSTRAC that could be upwards of $400m over historical misconduct and faces further regulatory measures aimed at stamping out money laundering. It has received $58m from the sale of its Sydney casino's event centre and another $133m from the Bally's-Mathieson takeover. Star was on the brink of administration earlier this year and was forced into a trading halt after it missed the deadline for its financial results for the first half of the 2025 financial year.
Business Times
25-06-2025
- Business
- Business Times
Australia's Star casino shareholders approve A$300 million rescue package
[SYDNEY] Star Entertainment Group's shareholders approved on Wednesday (Jun 25) an A$300 million (S$250 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 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 investors' proxy votes, according to company slides shown at the event that was live-streamed. The final result of the vote will be announced later on Wednesday. Bally's said it has applied to the New South Wales and Queensland governments and regulators for approval to run casinos. 'We look forward to the completion of our probity review so that we can get on with the critical mission to put The Star on a sustainable path,' Soo Kim, Bally's chairman, said in a text message after the vote. 'We are raring to get on with it.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Australia's second-largest casino operator after Blackstone-controlled Crown Resorts, Star has been struggling to stay afloat amid a growing debt crisis and regulatory investigations over the past two years. The rescue deal consists of multi-tranche convertible notes and subordinated debt instruments, and after the notes are converted, Bally's and the Mathieson family will control around 56 per cent of Star's issued capital. Star chairman Anne Ward said the company had no other option than to support the Bally's-led bid after 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. Star said in March that it would sell half of its A$3.6 billion Queen's Wharf project in Brisbane to Hong Kong companies Far East Consortium International and Chow Tai Fook Enterprises for just A$53 million. It has also sold a theatre attached to its main casino in inner-city Sydney as part of its efforts to stay afloat. Bally's owns 19 casinos across 11 US states, according to its website, and the Star investment is its first in Australia. REUTERS
