Star Entertainment agrees to take-control offer from Bally’s: AFR

AUSTRALIA’S Star Entertainment has agreed to a refinancing deal that would see US peer Bally’s take control of the embattled casino operator, the Australian Financial Review (AFR) reported on Monday.

Under the deal, Bally’s will invest about A$250 million (S$202 million) while Star’s largest shareholder, billionaire Bruce Mathieson, would provide more than A$50 million, the AFR reported, citing three sources with knowledge of the matter.

Star and Bally’s did not immediately respond to a request for comments.

Sydney-based Star, Australia’s no.2 casino operator, has been scrambling to stave off bankruptcy as years of regulatory scrutiny and lawsuits following money laundering allegations have left it cash-strapped and with limited lifelines.

Its shares remain suspended from trading on the Australian Securities Exchange as it continues to be unable to lodge its half-year results in the absence of an appropriate refinancing proposal. REUTERS