Star Entertainment is considering a $157 million cash injection proposal from U.S. casino operator Bally’s Corp., which is seeking to take a controlling interest in the embattled Australian company.
Hong Kong billionaire Henry Cheng’s Chow Tai Fook Enterprises and tycoon David Chiu’s Far East Consortium had rescued cash-strapped Star Entertainment Group from the brink of collapse after agreeing to buy the Australian casino operator’s stake in a Brisbane property.
Star Entertainment Group—backed by Australian billionaire Bruce Mathieson—has received $414 million debt refinancing offer from U.S. alternative asset manager Oaktree Capital Management, providing the cash-strapped casino operator a potential lifeline.
Star Entertainment Group—backed by Australian gambling billionaire Bruce Mathieson—is in talks to sell its resort complex in Brisbane to its Hong Kong partners as the cash-strapped casino operator seeks to raise fresh capital to shore up its finances.
Casino operator Star Entertainment will cancel all executive bonusses, freeze salaries and axe 500 jobs after “experiencing a significant and rapid deterioration in operating conditions” particularly at its Sydney and Gold Coast casinos.