Latest news with #BallysCorp
Bloomberg
01-07-2025
- Business
- Bloomberg
Bally's Sells Interactive Casino Unit to Intralot in $3.2 Billion Deal
Bally's Corp. is selling its interactive casino business to Intralot SA in a deal that values the business at €2.7 billion (US $3.2 billion). The division, formally known as Gamesys, will be part of a combined company with about €1.1 billion of revenue, 60% of that from the UK, according to a statement Tuesday. Bally's Chief Executive Officer Robeson Reeves will become CEO of the new business.
Yahoo
25-06-2025
- Business
- Yahoo
Australia's Star casino shareholders approve $195 million rescue package
By Scott Murdoch SYDNEY (Reuters) -Star Entertainment Group's shareholders approved on Wednesday an A$300 million ($195 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 U.S. 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% of investors' proxy votes, according to company slides shown at the event that was live-streamed. A final result of the vote will be announced later on Wednesday. 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% 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 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 U.S. states, according to its website, and the Star investment is its first in Australia. ($1 = 1.5394 Australian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
25-06-2025
- Business
- Reuters
Australia's Star casino shareholders approve $195 million rescue package
SYDNEY, June 25 (Reuters) - Star Entertainment Group's ( opens new tab shareholders approved on Wednesday an A$300 million ($195 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 U.S. casino firm Bally's Corp (BALY.N), opens new tab 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% of investors' proxy votes, according to company slides shown at the event that was live-streamed. A final result of the vote will be announced later on Wednesday. Australia's second-largest casino operator after Blackstone (BX.N), opens new tab-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% 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 it would sell half of its A$3.6 billion Queen's Wharf project in Brisbane to Hong Kong companies Far East Consortium International ( opens new tab 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 U.S. states, according to its website, and the Star investment is its first in Australia. ($1 = 1.5394 Australian dollars)
Yahoo
25-06-2025
- Business
- Yahoo
Australia's Star casino shareholders approve $195 million rescue package
By Scott Murdoch SYDNEY (Reuters) -Star Entertainment Group's shareholders approved on Wednesday an A$300 million ($195 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 U.S. 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% of investors' proxy votes, according to company slides shown at the event that was live-streamed. A final result of the vote will be announced later on Wednesday. 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% 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 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 U.S. states, according to its website, and the Star investment is its first in Australia. ($1 = 1.5394 Australian dollars) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
11-06-2025
- Business
- Bloomberg
NYC Mayor Gives Boost to Bally's Casino Ahead of Council Vote
By Nacha Cattan and Save New York City Mayor Eric Adams endorsed local legislation that would ease the path for Bally's Corp. to build a casino in the Bronx. Adams issued a so-called 'Mayor's Message' Wednesday in support of a measure allowing the state legislature to vote on alienating state parkland in the Bronx for Bally's to use as a casino. The move allows the measure to be passed by the City Council with a simple majority instead of the two-thirds typically required, before heading to the state Assembly and Senate.
