One of Australia’s richest men, pub and poker machine baron Bruce Mathieson, is now equal largest shareholder in troubled Star Entertainment Group after acquiring a 9.97% stake in the company.

While it is unclear what Mathieson’s long-term plans for his 94,952,796 Star shares are, the self-made billionaire said this week that he saw long-term value in the company after taking advantage of its depressed share price to spend AU$142 million (US$96 million) on his new holding.

“I wouldn’t be buying it unless I thought it was good value,” he told The Sydney Morning Herald. “I like the assets of the company, I like the industry and I just think it’s something that [as] a long-term holding for my family will be great.”