Star Entertainment Group’s largest individual shareholder Investment Holdings Pty Ltd has entered into a binding term sheet with US casino operator Bally’s Corp that will see it subscribe for AU$100 million (US$60 million) in convertible bonds, reducing in the process the Bally’s investment from AU$300 million (US$180 million) to AU$200 million (US$120 million).
Star also confirmed by way of a series of filings late Tuesday that it has now completed divestment of The Star Sydney Event Centre to Foundation Theatres after receiving approval from the NSW Independent Casino Commission (NICC) and may now have access to at least some of the AU$60 million (US$36 million) funds currently in escrow.
