New South Wales and Queensland approve Bally’s A$300m investment in The Star
New South Wales and Queensland authorities approved Bally’s A$300 million strategic investment in The Star Entertainment Group, the company said on 21 November. The approvals allow Bally’s to convert notes into equity and appoint directors; Bally’s and its partners were deemed suitable entities after probity investigations. Bally’s must report regularly on its plan to improve The Star’s finances, according to the NSW Independent Casino Commission.
The approvals clear a regulatory condition for Bally’s investment and give it governance and financial-recovery roles at The Star.