The Star Entertainment Group said it has agreed a A$300 million rescue package with Bally’s Corporation. The proposed transaction could give Bally’s about 56.7% of The Star’s fully diluted share capital and requires regulatory approval; shareholders will be asked to approve a second tranche.
The proposed financing could change control of The Star, subject to shareholder and regulatory approvals.
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A report on the week’s share movements said the Roundhill Sports Betting & iGaming ETF rose 3.4%, broadly matching the S&P 500. Playtech gained 19.24% and DraftKings rose 8.89%; the report also noted litigation alleging patent infringement against DraftKings and FanDuel.
The Star Entertainment Group appointed Brooke Lindsay as a non-executive director, subject to regulatory and ministerial approvals, according to a company filing. Lindsay will initially observe the board. The appointment follows a board overhaul and comes while The Star Sydney’s casino licence remains suspended, with the regulator requiring further progress before reconsidering the operator’s suitability.
An Australian court found former Star Entertainment chief executive Bekier and former company lawyer Martin breached directors’ duties in connection with oversight of a junket operator between 2017 and 2019. The court identified seven breaches; ASIC did not establish liability against seven other former directors, and a date for sentencing and any penalties is still to be set.
The Star Entertainment Group announced John Koster’s appointment as chief executive of The Star Sydney on 4 March 2026. The company said the move is subject to regulatory requirements; Koster succeeds Janelle Campbell.
The Star Entertainment Group said Steve McCann will leave his roles as group chief executive and managing director effective 16 December. Executive chairman Bruce Mathieson Jr will take on additional responsibilities temporarily while the company seeks a successor, and McCann will remain available during the handover. McCann said Bally’s recent investment had given The Star stability and an opportunity to pursue recovery.