The Star Entertainment Group is bracing for Bally’s takeover, hoping that it will finally help it open a new chapter. According to the latest announcement, the takeover should happen later this week.
The Star Expects to Complete the Bally’s Transaction Very Soon
In an ASX release published on November 25, The Star’s leadership addressed the matter. Anne Ward, the company’s chair, acknowledged the significant challenges the company has been facing in 2025, despite the continued effort to implement measures to improve the group’s financial position.
Luckily, Bally’s Corporation and Investment Holdings came up with an AUD 300 million plan to help the embattled casino company. The takeover plan was approved by investors earlier this year, allowing the two companies to proceed with the agreement.
In her address, Ward said that the final conditions have now been completed and that the takeover should be completed by the end of the week.
The process for the conversion of the Bally’s and Investment Holdings investments into shares is now underway and is expected to be completed later this week. We have received a conversion notice from Bally’s and expect to receive a conversion notice from Investment Holdings later today.
Anne Ward, chair, The Star Entertainment Group
After the transaction, Bally’s will hold 38% of The Star’s issued capital, while Investment Holding will hold around 23%. Bally’s will therefore be entitled to appoint two board directors.
There Are Still Many Challenges Left to Face
Ward, however, acknowledged some outstanding challenges regarding the business’s suitability to operate gaming. In September, the terms of the manager for The Star Sydney and the special manager for The Star Gold Coast were extended to March 31, 2026, and September 30, 2026, respectively. Regulators have indicated that the company must work harder to regain its license suitability.
According to Ward, The Star is now “on the cusp of a new era.” She trusts in the new majority shareholders to bring new energy and fresh ideas as they take the reins.
In the meantime, Ward plans to part ways with the company once Bally’s takeover wraps up.\
CEO McCann Was Pleased with the Progress
The Star’s chief executive officer, Steve McCann, acknowledged the company’s precarious position, but also applauded his team’s remediation and liquidity progress.
McCann emphasized that the focus on liquidity remains a key priority for his team. He applauded Bally’s investment and expressed excitement about the arrangement, which saw the experienced Bruce Mathieson Jr. and Don Pasquariello appointed as board members.
Our team has made sound progress over the past 12 months. The road ahead remains very challenging with many critical milestones yet to be achieved but we have a plan, the execution of which requires continued discipline and focus.
Steve McCann, CEO, The Star Entertainment Group
McCann thanked all company members who have continued to support the business throughout this turbulent period.