Deals
Australian Casino Firm Star Set to Hand Over Control to Bally’s
Star has been racing to shore up its finances and avoid falling into administration.
Photographer: Brendon Thorne/BloombergStar Entertainment Group Ltd. signed an A$300 million ($181 million) funding deal with Bally’s Corp. that would potentially hand over control of the ailing gambling company to the US casino group.
Bally’s reached an agreement to invest in Star through a multi-tranche convertible note and subordinated debt instrument, the Australian company said in a statement Monday. If Star’s senior lenders agree to the deal, the first installment could be paid by Wednesday, with the remainder coming after a shareholder vote and regulatory approvals.