US casino operator Bally’s Corp and partner Investment Holdings Pty Ltd are expected to complete the conversion of their shares and take control of Australia’s Star Entertainment Group within this week.
Current Star chairperson Anne Ward, who also confirmed that she will step down this week, revealed during opening remarks at the company’s Annual General Meeting on Tuesday that Bally’s has already submitted a conversion notice, with the process for conversion of its investment into shares likely to be complete in the coming days. Investment Holdings was expected to submit its conversion notice before the end of Tuesday.
As reported by Inside Asian Gaming, the two companies have invested a combined AU$300 million (US$195 million) into Star, which will once converted give Bally’s around 38% equity and Investment Holdings around 23% of the issued share capital of the company – a combined holding of around 61%.
