Good morning. The sharks are circling. Bally’s Corporation is now the latest to make a bid for embattled The Star, offering $158 million to get a majority stake in the company. The US-based operator says that its proposal would be the “best alternative” for the Australian gaming operator, and could keep shareholders happy. Meanwhile, in Macau, the premium mass sector continues to grow. According to Citigroup, base mass is starting to erode, with spending power diminishing significantly, raising questions over long-term stability.
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What you need to know
- The Star receives unsolicited $158 million proposal from Bally’s Corporation, as it attempts to navigate its future.
- Citigroup reports strong growth in Macau’s premium mass sector, while the base mass market shows signs of strain, indicating a trend divide.
On the radar
- SkyCity and TAB requested limit to NZ online gambling licenses: report.
- Malacañang optimistic about tourism revenue in coming months.
- Macau police arrest woman for VIP room investment scam.
- LET Group names Suntrust CTO as executive director.
AGB Intelligence
AUSTRALIA
Bally’s Corporation makes $158M bid for The Star
Just days after The Star announced that it would be selling off its stake in Queen’s Wharf Brisbane to its joint venture partners, the company has received an unsolicited bid from Bally’s Corporation, to the tune of $158 million. The company says the bid would be the “best alternative for The Star and its shareholders”.
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