View source for Casino Giant Rescues Star From Brink Of Folding: Report

<br>Star Entertainment has struck a $300 million deal with a United States casino giant to stave off financial collapse after teetering on the brink for months.<br><br>The embattled [https://usability-competence.com usability competence casino] operator's board has agreed to hand control of the group to Bally's Corporation to avoid going belly up, the [https://www.bbc.co.uk/search/?q=Australian%20Financial Australian Financial] Review reports.<br><br>Bally's operates 19 casinos across the US and online sports betting operations.<br><br>The American giant is expected to inject $250 million into the business and Star's largest shareholder Bruce Mathieson will provide $50 million under the deal.<br><br>Star Entertainment has been contacted for comment.<br><br>The group had been on the verge of [https://www.purevolume.com/?s=folding folding] for months but kept its head above water by offloading its 50 per cent stake in a new Brisbane precinct, and a $250 million short-term bridging loan.<br><br>It has been seeking financial lifelines to avoid closing its doors and displacing 9000 staff across Brisbane, the Gold Coast and Sydney, but has yet to announce a deal.<br><br>The group most recently failed to secure $940 million from property development fund Salter Brothers Capital, after Star did not receive a binding debt commitment letter.<br><br>The Star has been in a trading halt since the end of February after being unable to file its half-year financial report without a refinancing plan to save it.<br><br>The casino group was once worth billions of dollars but has since been slapped with fines totalling more than $210 million and licence suspensions after money laundering allegations.<br><br>In 2022, a inquiry found damning evidence of money laundering and counter-terrorism failings at the groups' Sydney casino.<br><br>A probe in 2024 found more breaches, including incidents of fraud and false welfare checks being logged for vulnerable customers.<br><br>A Queensland inquiry found The Star actively encouraged people banned from gaming in Victoria and NSW to its casinos in the Sunshine State.<br><br>