Latest news with #StarEntertainmentGroupLtd.
Forbes
08-04-2025
- Business
- Forbes
Embattled Star Accepts $180 Million Funding Deal From U.S. Casino Operator Bally's
The Star complex, operated by Star Entertainment Group Ltd., in Sydney, Australia, on Tuesday, ... More Sept.3, 2024. Photographer: Brent Lewin/Bloomberg Star Entertainment has signed a A$300 million ($180 million) funding deal with Bally's Corp., potentially handing control of the cash-strapped Australian gambling company to the U.S. casino operator. Under the deal, Bally's will purchase a combination of convertible notes and subordinated debt, delivered in multiple stages, according to an exchange filing. The notes would eventually give Bally's a controlling stake of around 56.7% in Star on a fully diluted basis. Star said it is also in discussions with its largest shareholder, Investment Holdings (controlled by the family of Australian billionaire Bruce Mathieson) for a possible subscription of up to A$100 million to the funding package. 'If this occurs, the investment from Bally's will be reduced to A$200 million,' it said. Bally's is expected to inject an initial A$100 million by tomorrow, providing crucial support to keep the struggling Sydney-based group afloat. The remaining funds will follow, subject to regulatory and shareholder approvals, expected in late June. Star has been racing to raise fresh capital amid slumping gaming revenues. In February, the company said it is exploring various options to increase its liquidity, including the sale of its stake in the Brisbane property, as it has limited capacity to raise A$150 million in subordinated debt. Its troubles began in 2022 after regulators declared the company unfit to operate its casinos following media reports of money laundering at its properties.
Bloomberg
10-03-2025
- Business
- Bloomberg
Star Weighs Last-Minute $157 Million Capital Offer From Bally's
Star Entertainment Group Ltd. is considering a last-minute recapitalization proposal from Bally's Corp. that could potentially hand over control of the company to the US casino group. Under the terms of the offer, Bally's would provide fresh capital of at least A$250 million ($157 million), Star said Monday, after details of the offer appeared in the Australian newspaper. Star would issue notes that would be convertible into at least 50.1% of the company, according to the proposal.
Bloomberg
09-03-2025
- Business
- Bloomberg
Bally's Offers Star $157 Million Cash Injection, Australian Says
US casino group Bally's Corp. has made a last-minute bid to recapitalize Star Entertainment Group Ltd., the Australian newspaper reported. Bally's would inject a minimum of A$250 million ($157 million) into Star, according to a letter sent to Chair Anne Ward on Monday morning, the paper reported. The offer would upend a deal Star struck Friday to sell its stake in its newly opened Brisbane casino to its Hong Kong partners for A$53 million.
Yahoo
09-02-2025
- Business
- Yahoo
Star in Talks to Sell Brisbane Casino Stake in Race to Survive
(Bloomberg) -- Star Entertainment Group Ltd. is in talks to sell its stake in a new Brisbane complex to its Hong Kong-based partners, though their opening offers were rejected as too low. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate NYC Sees Pedestrian Traffic Increase in Congestion-Pricing Zone The embattled Australian casino operator is racing to raise capital after last month warning its future as a viable business is in doubt as it runs short of cash. The Australian Financial Review earlier reported that Star was in talks with partners Chow Tai Fook Enterprises Ltd. and Far East Consortium Ltd. to sell its 50% interest in the Brisbane complex, which has an A$1.6 billion ($1 billion) debt pile and still requires hundreds of millions of dollars to be completed. In a statement Monday, Star said it had received several offers from its partners, but none have provided 'sufficient value.' Subscribe to The Bloomberg Australia Podcast on Apple, Spotify, on YouTube, or wherever you listen. The companies will continue to talk to see whether a satisfactory deal can be reached, Star said, and again reiterated its parlous financial state. The company needs to raise A$150 million of subordinated debt to tap an agreed lifeline of a further A$100 million of borrowings. 'While discussions continue with respect to a range of different solutions, there is no certainty that any of these discussions or negotiations will result in one or more definitive arrangements that might materially increase the group's liquidity position,' Star said. 'In the absence of one or more of those arrangements, there remains material uncertainty as to the group's ability to continue as a going concern.' The Reason Why This Super Bowl Has So Many Conspiracy Theories Business Schools Confront Trump Immigration Policies Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P. Sign in to access your portfolio
