Bally’s Corporation and its affiliates have officially acquired a 37.7 percent interest in The Star Entertainment Group after becoming substantial shareholders on November 28th, according to a filing lodged with the Australian Securities Exchange (ASX).
The disclosure confirms that Bally’s, its related entities, and Chairman Soo Kim now hold 2.5 billion ordinary shares in Star Entertainment, marking a major step in the casino operator’s restructuring program amid ongoing regulatory and financial strain.
The update comes as Star Entertainment finalizes a sweeping board and leadership overhaul. Earlier this week, the company appointed Bally’s Chairman Soo Kim and President George Papanier as directors following a board meeting last Friday, a change later formalized in an ASX filing on Monday.
The appointments came after Bally’s and major shareholder Investment Holdings Pty Ltd received probity clearance to proceed with a AU$300 million ($196 million) rescue package that will give them a combined 61 percent stake in the group.
The controlling interest was secured late last week when subordinated debt issued under the funding arrangement was converted into equity after Star’s Annual General Meeting.
The November 28th board meeting triggered further reshuffling: Chair Anne Ward and Non-Executive Director Deborah Page stepped down, while Bruce Mathieson Jr — whose family’s Investment Holdings is now a key shareholder — was appointed Chairman. Peter Hodgson became interim Chair of the Audit Committee, and Eirene Garnsey was named an additional Company Secretary.
Star’s governance overhaul follows a turbulent period in which the company has faced multiple regulatory inquiries into compliance failures at its Sydney and Queensland casinos. The operator remains under strict oversight and is progressing through a multi-year remediation plan mandated by state regulators.
With Bally’s senior leadership now on the board and its stake nearing majority control, Star is expected to enter a more assertive phase of its turnaround, with further strategic and operational changes likely as the new shareholders consolidate influence.
