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SEC filing of the week: Bally’s to acquire Australian gaming company for $187M

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PBN Staff

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04/18/2025

BALLY'S CORP. has entered an agreement to acquire Australian gaming company Star Entertainment Group Ltd. for $187 million [AU$300M].

PROVIDENCE – Bally’s Corp. has entered an agreement to acquire Australian gaming company Star Entertainment Group Ltd. for approximately $187 million [AU$300M]. According to its filing with the U.S. Securities and Exchange Commission on April 11, Bally’s would own 56.7% of the Sydney-based company. “This transaction provides Bally’s the opportunity to infuse The Star

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PROVIDENCE – Bally's Corp. has entered an agreement to acquire Australian gaming company Star Entertainment Group Ltd. for approximately $187 million [AU$300M]. According to its filing with the U.S. Securities and Exchange Commission on April 11, Bally’s would own 56.7% of the Sydney-based company. “This transaction provides Bally’s the opportunity to infuse The Star with what it needs to regain its position as Australia’s preeminent gaming destination,” said Soo Kim, chairman of Bally’s. “It allows The Star shareholders to share in what we confidently believe will be a brighter future together.” The deal, which Bally’s said is through a combination of subordinated convertible notes and subordinated debt, is in two phases. The first occurred on April 9, when Bally’s paid Star Entertainment AU$100M [approximately $63M], to help keep the Australian company in business. The second part, Bally’s will pay the remaining balance, AU$200M [approximately $127M] upon approval of both Star Entertainment's shareholders and the Foreign Investment Review Board. Star Entertainment operates casino and resort properties in Sydney, Brisbane and on the Gold Coast. It employs approximately 8,000 team members while also supporting downstream employment and other opportunities in the communities in which it operates. On March 21, Bally’s reported a $567.7 million loss for 2024 as it took larger write-downs on the value of its assets and saw smaller gains on its sale-leaseback strategy on casino properties. The 2024 loss is three times bigger than the $187.5 million loss Bally’s recorded for 2023. On Feb. 13, New York-based hedge fund Standard General LP completed its buyout of Bally’s Corp. in a deal that valued the casino operator at $4.6 billion. Standard General also merged Bally’s with its regional casino chain, The Queen Casino & Entertainment. As part of the Standard General buyout, 17.9 million Bally’s stockholders elected to retain their shares through a rollover election. As a result, 48.4 million shares of common stock are now outstanding upon completion of the merger transactions. Bally’s is expected to announce its first quarter earnings on May 7.