Star Entertainment has secured a $300 million cash infusion from Bally's Corporation, which now holds a 56.7% stake in the company, saving it from potential insolvency amid financial regulatory pressures. Earlier this year, Star received $33 million from Hong Kong investors, enhancing their assets, particularly their ownership stake in the Gold Coast Star casino. Following the cash infusion, Star's board is supportive of the deal, aiming to improve operations and regulatory trust over the next six months, as Nick Weeks from the Independent Casino Commission recognizes ongoing improvements in their remediation efforts.
Thanks to a $300 million cash infusion from the Bally's Corporation, Australia's troubled Star Entertainment casino group has been saved.
We want to keep everything together rather than strip it apart," Bally's Robeson Reeves told Sky News.
New South Wales Independent Casino Commission-appointed manager Nick Weeks applauded some recent improvements from the casino operator.
The next six months will be crucial for The Star's remediation efforts and building trust with regulators.
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