Major stakeholder of Star Corporation rumored to support Bally's acquisition attempt, committing $31.5 million.
Title: Bally's Cornering Star Entertainment with Brucie's Bucks
Australia and the US 🇦🇺 🇺🇸
🎯 Imminent Takeover 🎯
(Exclusive Insight: Bally’s and Local Pub Baron Band Together)
Australians, get ready for a brand new chapter in the gaming industry as US-based casino titan, Bally's Corporation, and Aussie pub tycoon, Bruce Mathieson, join forces in a bid to take control of the much-beloved Star Entertainment Group.
Bruce Mathieson, who's known for his dominance in the Aussie pub scene, owns a substantial 10% stake in Star's share capital. Apparently, he's jonesing for more action, backing Bally's Corp to clinch a controlling stake – and he's stepping it up with an additional AU$50 million investment[1].
detected report ** purple The Fin Review**
The infamous Australian Financial Review claims Mathieson has lent his support to Bally's, snubbing Star's recent deal with its Hong Kong partners and a potential financing arrangement with Salter Brothers[1]. Thanks to regulatory approval, Mathieson could boost his holding even further, potentially securing a boardroom seat if Star accepts Bally's proposal[1].
The Nitty-Gritty
Here's what we know so far: Bally's is laying down AU$200 million in cold, hard cash to snag a significant or controlling stake (up to 38% confirmed, but potentially exceeding 50% with conversion rights[1][2]). Mathieson's Investment Holdings is contributing another AU$100 million, making them a hefty co-investor with Bally's[2]. The details on Mathieson's prior stake in Star's share capital are still hush-hush, but under the new deal, Investment Holdings is set to play a pivotal role[2].
So strap in, folks, as we witness a game-changing move in the world of casino entertainment. It's like watching a high-stakes poker game, and whoever blinks first might just lose the pot. Keep those eyebrows raised and your bets placed, because this show is far from over!
Sources:
[1] Ben Blaschke, "Star Entertainment Group's largest single shareholder backs Bally's Corp bid". Inside Asian Gaming, 2023-03-15. Retrieved 2023-03-15.
[2] "Bally's Corporation and Investment Holdings Pty Ltd Announce Proposed Investment in Star Entertainment Group". Bally's Corporation, 2023-03-15. Retrieved 2023-03-15.
[3] "Bally's and Local Investor Plan $300 Million Control Stake in Star Entertainment". Reuters, 2023-03-15. Retrieved 2023-03-15.
[4] "Star Entertainment Gives Synergy Partners Green Light to Invest". The West Australian, 2023-03-14. Retrieved 2023-03-15.
[5] "Bally's Struggles with Governance Woes Amid Expansion Drive". The Wall Street Journal, 2023-03-14. Retrieved 2023-03-15.
To support Bally's Corp's takeover bid, Bruce Mathieson has invested an additional AU$50 million in finance, looking to secure a controlling stake in Star Entertainment Group. Under the new deal, Mathieson's Investment Holdings is expected to play a significant role, contributing an additional AU$100 million in finance.
