Bally’s Offers Star $157 Million Cash Injection, Australian Says
Star Entertainment Group Ltd. has been racing to shore up its finances and avoid falling into administration.
Photographer: Brent Lewin/BloombergUS casino group Bally’s Corp. has made a last-minute bid to recapitalize Star Entertainment Group Ltd., the Australian newspaper reported.
Bally’s would inject a minimum of A$250 million ($157 million) into Star, according to a letter sent to Chair Anne Ward on Monday morning, the paper reported. The offer would upend a deal Star struck Friday to sell its stake in its newly opened Brisbane casino to its Hong Kong partners for A$53 million.