Star Entertainment’s largest shareholder puts $100m into rescue package
Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is investing $100m into the operator, reducing Bally Corp’s rescue package to $200m.
The Star Entertainment Group confirmed its has entered into a binding term sheet with Bally’s Corporation with respect to a multi-tranche convertible note and subordinated debt instrument with an aggregate principal value of $300m.
Under the terms of the transaction, the company acknowledged that the company’s largest shareholder, Investment Holdings, which is controlled by the Mathieson family, may subscribe for up to $100m of the investment.
The Star said: “The company has now entered into a commitment letter with Investment Holdings under which Investment Holdings will subscribe for $100m of the investment. As a result, the investment from
Bally’s will reduce to $200m. The aggregate principal value of the transaction remains at $300m.
The subscription by Investment Holdings is on the same terms as the Bally’s investment, being the
terms of the binding term sheet with Bally’s which was attached to The Star’s announcement of 7 April
2025.”
The Star also announced that it had completed the sale of The Star Sydney Event Centre to Foundation Theatres for $60m.
