Just days after announcing an agreement with its Hong Kong partners to sell off its 50% stake in The Star Brisbane, Star Entertainment Group may have stumbled across another lifeline: US casino investor Bally’s Corporation has made a last-minute bid to acquire the company.
Inside Asian Gaming understands that Star chairperson Anne Ward has received a letter from Bally’s and its chairman, Soo Kim, outlining an offer to inject at least AU$250 million (US$158 million) in cash, as well as its proven expertise in reversing the fortunes of troubled casinos.
The deal describes an “alternative path” to the sell-off agreed with Chow Tai Fook Enterprises and Far East Consortium on Friday that would see the two companies acquire Star’s 50% stake in their joint venture Brisbane resort.
