Australian Casino Titan Star Enters New Era with AU$300M Acquisition by Bally
By: Lucas "The Gambler" Dunn04/08/2025 02:12 Vegas Strip** Photo by Flickr, CC BY 2.0
Casinos Changing Hands: Star's Brisbane, Gold Coast, and Sydney Marquees Officially Transferred to Bally's
In a massive shakeup for the gambling world, casino titan Bally's Corporation has snagged control of Star Entertainment Group's prized properties in Brisbane, Gold Coast, and Sydney. The acquisition comes after Star's financial difficulties left the company with only a week's worth of funding before collapse. But thanks to Bally's intervention, Star's struggling casinos are now up and running under new management.
Lucas "The Gambler" Dunn, a New Jersey-bred copywriter with over six years of professional writing experience, broke the news to the world. His expansive portfolio includes casino, software provider, and game reviews, news, and blogs, consistently delivering insights from the US, UK, New Zealand, Australia, South Africa, and Canada. Before he became a gambling guru, Dunn pursued a bachelor's degree in psychology at Rutgers University. When he wasn't hitting the books, he flexed his artistic muscle by dabbling in painting - just like old man Dunn, Sr.
All Bets Are On Lucas Dunn
The Inside Scoop on Bally's Move
- The Big Investment: Bally's Corporation has committed AUD $300 million to prop up Star Entertainment Group. This money will be disbursed in two tranches, with part of it already flowing in.
- Bally's Takeover Potential: Once certain conditions are met, Bally's could hold up to a 38% stake in Star Entertainment. This significant share could give them a say in shaping Star's future direction.
- Star's Financial Struggles: Star Entertainment reported a whopping $21 million EBITDA loss in the three months to March. Their financial situation is precarious, and they faced uncertainty over their continued existence. Bally's investment is expected to help Star regain financial stability.
- Bally's Adjustments: Initial reports suggested Bally's was planning a broader investment in Australia. However, the company has since scaled back its plans to AU$200 million. Despite this decrease, Bally's is firmly committed to Star Entertainment, as indicated by the specific AUD $300 million investment in the struggling group.
- Moving Forward: Star Entertainment is reportedly on track to sell its equity interest in the Queen's Wharf Brisbane project by the end of June. A shareholder meeting is scheduled for late June to advance the Bally's investment further. The swift collaboration between Star and Bally's aims to restore Star's financial health and secure a profitable future for the iconic casino group.
- Bally's Corporation has announced their intention to offer free spins on selected games at the newly acquired Star Entertainment Group casinos in Brisbane, Gold Coast, and Sydney as part of their efforts to attract more customers.
- In addition to the gambling scene, Bally's Corporation has expressed interest in expanding its sports betting operations within these casinos, aiming to create a dynamic blend of entertainment for sports enthusiasts and casino-goers alike.
