Star Casino has received an eleventh-hour lifeline offer from United States gaming company, Bally’s, but has yet to respond.
The bid would give Star at least A$250 million in funding, and Bally’s a controlling stake in the group.
The offer was a last-minute alternative, after Star struck a deal last Friday with Hong Kong investors, Salter Brothers Capital, which included handing over a 50% stake in the Brisbane casino.
Speaking to ABC Soo Kim, the chair of Bally’s, said that they had yet to hear back from the Australian gaming company, but was keen to keep the company's assets and casino locations all together, rather than sell and divide.
“I think that there's a lot of synergies for it to be one. If you start to split it up, actually the operational turnaround becomes harder and so that's why we decided to get involved,” Kim said.
"We've had a very brief conversation with their banker, but we have not heard anything from the company since we've made our offer.”
At the time of reporting Star’s shares remained suspended and Bally's (NASDAQ: BALY) was sitting at US$19.24 in after-hours trading, up 2.67%.
