Bally’s Corporation has secured important regulatory approvals that finally opens the door for the US based gaming company to take real control of The Star Entertainment Group. This comes after months of financial uncertainty and repeated delays in refinancing.
The approvals were granted on November 21 by the NSW Independent Casino Commission and Queensland’s Office of Liquor and Gaming Regulation (OLGR). They allow Bally’s to convert its previously announced AUD $300 million ($193 million) investment into equity, a move that shareholders supported in June.
$SGR The Star Entertainment Group is up 16% after securing full regulatory approval from the NSW Independent Casino Commission & Queensland OLGR for its strategic investment deal.
Clears the way for Bally’s Corporation $300M investment.
https://t.co/44Wmp8IApX pic.twitter.com/wPuMPiPcpl
— The Market Bull – Daily Stock News (@TheMarketBullAU) November 21, 2025
The Star confirmed the news in an announcement to the Australian Securities Exchange. The company said that the conversion of the Bally’s and Investment Holdings funding into equity, along with the appointment of their nominee directors, should happen within the next few days.
Bally’s receives regulatory approval to take over Star
Chairman Anne Ward said, “We are very pleased to have received all regulatory approvals necessary to complete the Strategic Investment. This is a critical step in The Star’s progress towards a return to suitability and financial stability. We look forward to working with each of Bally’s and Investment Holdings to facilitate an orderly transition and to provide a pathway for a successful future for The Star.”
The NICC said that Bally’s Corporation and its key people had successfully completed a “comprehensive probity investigation” that looked at both their financial and non financial suitability.
Chief Commissioner Philip Crawford said, “Bally’s Corporation and its associated entities have undergone a rigorous assessment and ultimately satisfied the NICC that there are no adverse findings that would prevent them from becoming close associates of The Star.” He explained that Bally’s has put forward a plan to help improve The Star’s financial performance and will need to provide regular updates on its progress.
The NICC also signed off on the increased shareholding of Investment Holdings, noting that both groups can now move ahead with their financial and operational commitments to The Star. The regulator added that these approvals do not change the current suspension of The Star Sydney’s casino licence, which remains in place under the supervision of an appointed manager.
In Queensland, Attorney General Deb Frecklington confirmed that the OLGR has finished its own suitability investigation. She stated, “I have now granted the necessary regulatory approvals, which will allow Bally’s Corporation and Investment Holdings to convert their debt into equity in The Star, at their discretion.” The decision gives both entities a sizable ownership stake and greater influence over how The Star’s Queensland casino operations are managed.
The Star has faced serious hurdles
The approvals come after a rough stretch for The Star. Earlier this year, a refinancing deal with Salter Brothers fell apart when the company couldn’t secure a binding commitment letter. The April agreement with Bally’s then became a vital lifeline as The Star struggled with pressure from money laundering investigations, falling revenue, and delays in filing its half year results because of uncertainty around funding. The Star’s Sydney license also remains suspended, adding to the instability.
The company has called the current financial year “extremely challenging” as it continues to work through remediation programs in areas such as governance, AML and CTF systems, and harm minimization.
Featured image: Bally’s Corporation / Star Entertainment Group
The post Bally’s cleared to assume control of Star Entertainment after regulatory approvals appeared first on ReadWrite.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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