Star investors approve urgent bailout to avoid administration Bally’s, Mathiesons gain control through convertible notes deal Company still faces AUSTRAC case, major fine possible Star Entertainment group’s (SGR.AX) shareholders voted overwhelmingly on Wednesday to approve an AU$300 million (US$195 million) rescue package from US gaming operator Bally’s Corp (NYSE: BALY.T) and the Mathieson family, the company’s largest existing investor. Over 98% of proxy votes supported the Bally’s deal after Star Entertainment chair Anne Ward told them they had little alternative if they were to save the company. (Image: Star Entertainment) The vote came after Star chairman Anne Ward told shareholders at a general meeting in Sydney there was no alternative if the business was to avert financial collapse. “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… Read More
Category: Asia Pacific Gaming, Commercial Gaming, Financial, Gaming Business, Live Casinos, AUSTRAC fine, Bally’s Corp., Casino rescue deal, star entertainment 
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