Representatives from Bally’s reportedly met with Star Entertainment management, key shareholders and lenders last week as part of ongoing M&A discussions, the Australian Financial Review reported.
Sources cited by the report claim Bally’s has been in talks with Star Entertainment for months but is finally able to seriously consider a transaction after completing its merger with Queen Casino and Entertainment.
Previous reports have also indicated Blackstone, which also owns Australian gaming company Crown Resorts, is engaging in serious conversations to buy out Star Entertainment.
The report follows Star Entertainment securing a US$414m debt financing proposal from Oaktree Capital.
Star Entertainment has also been in talks with Star Brisbane partners Chow Tai Fook and Far East Consortium over its 50 per cent stake in the Queen’s Wharf development.
Star Entertainment has been looking to shore up its finances in the wake of lower business trends, higher costs and well-reported regulatory challenges as a result of anti-money laundering and compliance failings that were first reported in August 2022.
Source: Fantini's Gaming Report
