The Star Entertainment to Welcome Bally’s as Majority Stakeholder by the End of the Week
The Star Entertainment Nears Bally’s Majority Stakeholder Takeover
The Star Entertainment Group is preparing for a significant change as Bally’s Corporation is set to become the majority stakeholder by the end of this week. This takeover is seen as an opportunity for The Star to begin a fresh chapter in its business journey.
Completion of Bally’s Acquisition Expected Shortly
In a public statement released on November 25, The Star’s leadership shared updates on the ongoing takeover process. Anne Ward, Chair of The Star Entertainment Group, reflected on the company’s difficulties throughout 2025 but highlighted ongoing efforts to strengthen its financial footing.
Bally’s Corporation, alongside Investment Holdings, proposed a substantial investment plan worth AUD 300 million to support The Star. This plan was approved by shareholders earlier this year, allowing both parties to move forward with the acquisition.
Ward confirmed that the final requirements have been fulfilled, and the transaction is anticipated to conclude by the end of the week.
The conversion process of Bally’s and Investment Holdings’ investments into shares has commenced and is expected to complete soon. We have received a conversion notice from Bally’s and expect Investment Holdings to follow shortly.
Anne Ward, Chair, The Star Entertainment Group
Following this deal, Bally’s will own approximately 38% of The Star’s issued capital, while Investment Holdings will hold about 23%. Bally’s will also have the right to appoint two directors to the board.
Ongoing Challenges Remain for The Star
Despite the positive momentum, Ward acknowledged persistent challenges related to the company’s suitability to operate in the gaming industry. Regulatory bodies have extended the terms of management for The Star Sydney and The Star Gold Coast until March 31, 2026, and September 30, 2026, respectively, but they have emphasized that The Star must improve to maintain its license suitability.
Ward expressed optimism about the future, stating that the company stands on the brink of a new era and she expects the new majority stakeholders to inject fresh ideas and energy into the business.
She also indicated plans to step down from her role once Bally’s takeover is finalized.
CEO Steve McCann Highlights Progress and Challenges
Steve McCann, CEO of The Star Entertainment Group, recognized the company’s fragile situation but praised the efforts made by his team to improve financial stability and liquidity over the past year.
McCann emphasized that maintaining liquidity remains a top priority. He welcomed Bally’s investment and expressed enthusiasm about the strengthened board, which now includes seasoned members Bruce Mathieson Jr. and Don Pasquariello.
Our team has achieved meaningful progress in the last 12 months. While the path forward is challenging with several critical goals still ahead, we have a clear plan that demands ongoing discipline and focus.
Steve McCann, CEO, The Star Entertainment Group
He concluded by thanking all employees for their continued support during this challenging time.
