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Australia’s troubled casino operator, Star Entertainment, has received a A$250 million ($158 million) offer from U.S. casino giant Bally’s Corp for over 50% of its shares, as it struggles with mounting debt and regulatory crackdowns. Years of money laundering accusations, executive departures, and COVID-19 border closures have left Star on the brink of collapse.
The company's downfall began in late 2021, when internal reviews and media reports revealed AML (anti-money laundering) and fraud failures at Star’s casinos. This triggered probes by New South Wales (NSW) and AUSTRAC, Australia’s financial crime regulator.
By early 2022, AUSTRAC expanded its investigations, leading to CEO Matt Bekier’s resignation in March. Regulatory scrutiny intensified, and in September 2022, Star was deemed unfit to hold a casino licence in NSW. A A$100 million fine followed from the Queensland government in December 2022.
In early 2024, Star faced another NSW inquiry over governance failures, prompting its CEO and CFO to resign. In June 2024, Steve McCann, former CEO of Crown Resorts, took over amid regulatory pressures. By August, Star was again declared unfit to operate in Sydney, and secured a A$200 million debt facility. Another A$15 million fine came in October 2024.
With only A$78 million in cash left by January 2025, U.S. investment firm Oaktree offered to refinance A$650 million of Star’s debt in February. In March 2025, Star announced a refinancing proposal of up to A$940 million, a A$250 million bridging facility, and a plan to sell 50% of its Queen’s Wharf project to Far East Consortium International and Chow Tai Fook Enterprises.
Bally’s A$250 million capital injection could offer a crucial lifeline as Star fights to stay afloat.
