Bally’s secures full regulatory approval for Star Ent. takeover
Bally’s has received full regulatory clearance to proceed with its strategic investment in The Star Entertainment Group, marking a major step in the troubled casino operator’s ongoing reform and recovery process. Regulators in both New South Wales and Queensland have approved the deal following extensive probity assessments and financial reviews.
Reportedly, the NSW Independent Casino Commission (NICC), alongside Liquor & Gaming NSW, completed a comprehensive probity investigation examining both financial and non-financial elements of Bally’s suitability. Regulators confirmed that Bally’s corporate entity, along with key individuals linked to the investment, were considered “suitable persons” to participate in The Star Sydney’s operations. The approval, however, is accompanied by strict regulatory conditions.
As part of the clearance, Bally’s has submitted a detailed financial improvement plan for The Star, which must be regularly reported to regulators. NICC Chief Commissioner Philip Crawford said Bally’s had demonstrated a clear commitment to supporting The Star’s financial stabilisation and long-term turnaround.
Mathieson family allowed to increase stake
Additionally, the Mathieson family’s Investment Holdings was granted permission by the NICC to expand its ownership of The Star. Bally’s and the Mathieson group have both promised to stick with the corrective measures put in place following the two Bell investigations, which revealed grave wrongdoing concerning governance and anti-money-laundering shortcomings.
Despite the approvals, the status of The Star Sydney’s casino licence stays unchanged. The licence is still suspended, which means that the casino cannot operate normally. NICC-appointed special manager Nick Weeks continues to oversee all operational activities to ensure compliance and prevent any repeat of past failures.
Queensland’s Office of Liquor and Gaming Regulation has also cleared both Bally’s and the Mathieson stake increase, giving the investment the necessary dual-state approval. With these endorsements, The Star can now convert AU$300 million (€168 million) of investment into equity, strengthening its capital position at a critical time for the company. The approval also allows Bally’s and the Mathieson family to nominate new board members, a move expected to support governance renewal and corporate stabilisation.
The Star Chair Anne Ward welcomed the decisions, calling them essential for the company’s recovery trajectory. She said the investments would help The Star regain its suitability as a licensed casino operator and support a smoother transition towards long-term operational stability.
New appointments, changes underway
The approvals come as major structural changes unfold within The Star. Unidentified sources told the Australian Financial Review that the regulatory clearances were expected as early as this week. Bruce Mathieson was officially appointed a non-executive director in October, consolidating the family’s growing influence over the business.
Star CEO Steve McCann recently informed staff of a restructuring programme beginning 10 November, noting that the organisation was adapting its operating model to better meet future demands.
For the financial year ending 30 June 2025, the group reported revenue of AU$1.4 billion (€785 million), down 19 percent year-on-year, including a 22 percent drop in Sydney. Star also posted a statutory net loss of AU$427.7 million (€239 million), or AU$215.5 million (€120 million) before one-off costs, and is currently negotiating refinancing for AU$430 million (€241 million) in debt while awaiting further penalties that it says may threaten its viability.
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