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Star executive search widens amid more departures
The shake-up of the executive team at Star Entertainment is continuing with the Chief Financial Officer (CFO) and Group Chief Operating Officer (COO) resigning. The embattled casino and resorts group said CFO Frank Krile would be leaving effective 29 December, while COO Jeannie Mok would exit at the end of January 2026. This followed Soo Kim’s appointment earlier this month as Chair to replace Bruce Mathieson Junior, who in turn had replaced Steve McCann as Group CEO and Managing Director. "I would like to thank Frank and Jeannie for their significant contribution to the business and particularly their assistance in progressing our remediation plan. I wish them both well in their future endeavours,” Mathieson said in an ASX announcement. Shares in Star have lost 97% of their value over the last eight years due to deep operating losses, heavy regulatory penalties and investigations, liquidity challenges, strategic setbacks and leadership turnover. The company was rescued from the brink of insolvency by capital injections of A$200 million (US$149 million) by Bally's Corporation and $100 million from hotel industry billionaire Bruce Mathieson’s Investment Holdings earlier this year. Bally’s will own up to 53.7% and
Gambling
Tabcorp sees national betting pool a year away
Tabcorp has recommitted itself to delivering a national betting pool in Australia in the 2026 financial year. Managing Director and Chief Executive Officer Gillon McLachlan said the wagering and gaming company was seeking to deliver a national totalisator (tote), combining state‑level pools into a larger pool across multiple jurisdictions. “We’re engaging with state racing bodies, and I remain optimistic we can make a National Tote a reality in FY26,” he told the annual general meeting (AGM). “This will be good for industry, good for customers and it will be good for TAB.” Australia operates three major tote pools: SuperTAB (Victoria, Tasmania, Western Australia, Australian Capital Territory and others), NSW and UTAB (Queensland, South Australia and the Northern Territory). It is unclear how large a combined pool would be, but estimates put turnover at tens of billions of dollars a year. Tabcorp completed foundational work in FY25 to advance the creation of a national tote, including obtaining in-principle support from principal racing authorities and key regulatory stakeholders. The aim is to improve liquidity, stabilise dividends for punters, strengthen the tote offering and support the racing industry’s fun
Gambling
Star left with tough choice as asset sale falls through
The money or the tower? That’s the decision facing cash-strapped Star Entertainment after one leg of its corporate survival plan collapsed, leaving it considering its fund raising options as it has to stump up $41 million in the next five weeks and potentially more down the track. The casino and entertainment company announced a heads of agreement (HoA) to sell its 50% interest in the new Brisbane casino and resort to its joint venture partners for A$53 million had been terminated. Star said in ASX announcement the HoA had been terminated because Chow Tai Fook Enterprises and Far East Consortium International refused to agree to extend the deadline to reach agreement on commercial issues from 31 July to 6 August. The company said that as a result it must repay $10 million of the sale proceeds received from its partners by 6 August 2025 and their $31 million of equity contributions by 5 September 2025 and, if not, transfer its 1/3 interest in Tower 1 Hotel at the Gold Coast to them. But Star can retain the $35 million prepayment of the net sale proceeds from apartments in the Tower 2 development on the Gold Coast and the partners are required to reimburse $1 million as their share of equity contributions made by Star
Gambling
Star's partners demand cash for casino buyout delay
The companies hoping to buy Star Entertainment’s 50% stake in the new Brisbane casino and entertainment complex have insisted that the cash-strapped company pay them $36.5 million if they cannot agree on the deal by 31 July. Star said it had agreed with Chow Tai Fook Enterprises and Far East Consortium International to extend the deadline for completing the buy-out from 30 April while they continued to negotiate over the terms. But the company said it would be obliged to make the following payments to its partners in Destination Brisbane Consortium (DBC), Destination Gold Coast Consortium (DGCC) and other assets if long form documents were not entered into by 31 July: repay $10 million of the proceeds within 30 days of todayreimburse them for Star’s share of equity contributions made since 31 March, which was expected to be about $26.5 million, within 60 days. The Hong-based companies had previously given notice that they wanted to terminate the sale contract because the deadline had passed, although the parties had continued to negotiate a deal. Star shareholders recently approved a plan under which Bally's Corporation will invest A$200 million and hotel industry billionaire Bruce Mathieson $100 million in stakes of up t
Gambling
Star urges shareholders to vote for unfair rescue plan
The directors of casino and hotel group Star Entertainment have recommended that shareholders vote in favour of a rescue deal with Bally's Corporation and hotel industry billionaire Bruce Mathieson which an independent expert has found to be unfair. The advice was in an Explanatory Memorandum sent to shareholders with notice of the meeting to be held in Sydney on 25 June 2025 to consider the deal. Shareholders will be asked to approve investments in Star of A$200 million (US$130 million) by Bally’s and $100 million by the Mathieson’s family along with the issue to them of convertible notes. Bally’s would own up to 53.7% and Mathieson’s up to 10.1% of Star if the transactions are approved and all notes are converted into shares. Grant Samuel and Associates found in their Independent Expert Report that the terms of the transaction were 'not fair' for shareholders not associated with Bally’s and Mathieson but they had ‘compelling reasons’ to approve it. The report also disclosed if the deal went ahead and Bally’s and Mathieson take control of the Star Board it would trigger a $6.2 million payment to Managing Director and CEO Steve McCann. Star needs the rescue package to be approved because it is running out of mone

Gambling
Bidding war escalates for online bookmaker PointsBet
The stakes have been raised in the contest for online bookmaker PointsBet with previously-jilted suitor Betr Entertainment trumping a rival offer. Betr (ASX: BBT) launched a $360 million (US$230 million) cash and/or scrip bid for PointsBet (ASX: PBH) and announced a $130 million capital raising after buying a 19.99% stake in its target on Tuesday. Betr, whose $220 million offer in June 2022 was rejected, threw down the gauntlet to Japanese technology company MIXI, which has a $353 million proposal on the table. United States digital sports platform Fanatics purchased PointsBet’s U.S. assets in a $225 million offer in 2023 that prevailed over a proposal from sports technology and entertainment company DraftKings. Betr said its new offer of $1.20 per share in cash or $1.50 in Betr scrip, or a combination of both, delivered significantly greater value to PointsBet shareholders than the MIXI proposal of $1.06 in cash. Betr, which earlier announced it had acquired an interest in 19.9% of its target, said it would offer to buy the remaining shares using $181 million of cash and $100 million in scrip. The cash consisted of $120 million of debt from National Australia Bank and funds from the proposed sale of PointsBet Ca
Gambling
Joining the slots: Ainsworth soars on $336m takeover
Shares in Ainsworth Game Technology (ASX: AIN) were up around 33% at the open after revelations this morning that gaming technologies producer, Novomatic, is taking over the ASX-listed poker machine manufacturer. Austria-based Novomatic — which holds a 52.9% interest in Ainsworth — has agreed to buy the outstanding 47.1% of shares in Ainsworth for $1 a share, representing a 35% premium to the company's last closing price of 74 cents. Novomatic’s offer implies an equity value of $336.8 million and an enterprise value of $336.5 million, representing a multiple of around 7x enterprise value/FY 2024 earnings. While Ainsworth is permitted to pay a dividend - which will be deducted from the cash consideration - Novomatic has made it clear its offer is "best and final and will not be increased". After carefully evaluating the offer against the company’s medium and long-term growth prospects, the company's independent board committee (IBC) has unanimously recommended that the company's shareholders vote in favour of the deal. "The proposal put forward by Novomatic, who is already the majority shareholder of [Ainsworth], represents a significant premium to long-term trading value and is compelling for [Ainsworth] minority sh
Gambling
Thirsty Star laps up liquidity as it clings to life
Cash-starved casino and entertainment group Star Entertainment has received a life-sustaining injection of liquidity after completing the sale of properties in Sydney but its survival remains far from guaranteed. Star said its wholly owned subsidiary The Star Entertainment Sydney Properties Pty Ltd had completed the divestment of The Star Sydney Event Centre and other spaces in The Star Sydney complex to Foundation Theatres for A$60 million (US$35.4 million). The company said the sale was completed because all regulatory consents, including from the NSW Independent Casino Commission (NICC), had been obtained. “The $60 million exclusivity fee paid by Foundation Theatres into escrow has now been released to The Star as consideration for the disposal,” Star said in an ASX announcement. This follows news that Star had accepted a $300 million buyout offer from US-based Bally’s Corp, which would give the American gaming company a 56.7% stake through the conversion of capital notes. The NICC had insisted that the proceeds of the sale of the Sydney properties ($58.1 million) be held in escrow until the day after shareholder approval is obtained for Bally’s investment at a meeting in late June 2025. But Star said if share
Gambling
$300m deal gives US casino giant Bally’s control of Star
Tantamount to the raising of Lazarus, battle fatigued Star Entertainment (ASX: SGR) has again thrown shareholders yet another morsel of renewed hope with revelations the casino operator has accepted a $250-$300 million buyout offer from US-based Bally’s Corp. Whether this latest deal saves Star from financial collapse remains to be seen. But the deal hatched last night will see convertible notes issued at a conversion price of 8 cents per share. However, part of the agreement is complicated by probity requirements from NSW and Queensland regulators. Bally’s will end up take a majority stake (56.7%) in Star. While the deal will see Bally’s stump up with between $50-$100 million tomorrow, the remainder of the rescue package will have to wait until after a shareholder vote. The deal also includes arrangement where Star’s largest shareholder, pub billionaire Bruce Mathison, could potentially invest between $50-$100 million, which would reduce Bally’s investment accordingly. Meanwhile, in the absence of a better deal, and in light of the casino’s checkered deal making history, Star’s board has little choice than to recommend shareholders give the proposed buyout the big thumbs up. Assuming they do, today’s deal pu