In case you missed the latest development with the embattled Star Casino, thousands of workers have been saved after a United States gaming giant swooped in to take on the challenge of reviving the flailing business.
Star Entertainment this week signed a $300 million rescue package with Bally’s Corporation to save the business from administration.
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In a late-night update to the ASX on Monday, Star Entertainment revealed Bally’s would pay $100 million by today to keep casino doors open across Brisbane, the Gold Coast and Sydney.
Bally’s, which owns and manages 19 casinos in the US, will get a 56.7 per cent stake in The Star.
The United Workers Union welcomed the deal for the 9000 employees across the group who could have been left high and dry if it collapsed.
“Any deal that promises to keep venues in Brisbane, the Gold Coast and Sydney operating as a going concern is a good result for The Star workers, their families and the communities they live in,” the union’s casinos director Andrew Jones said.
“The alternative without a sensible resolution was thousands of workers facing the unemployment queue.”
As the dust settles on the $300 million investment, senior business reporter Colin Kruger takes a look at Bally’s colourful chairman Soo Kim – a Korean-born, New York-raised hedge fund manager.
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