Bally’s Corporation has received probity approval from the New South Wales regulator, clearing the path for the American casino and entertainment company to take control of Star Entertainment. The NSW Independent Casino Commission (NICC) announced that Bally’s had successfully passed an executive probity investigation, assessing its financial suitability to operate a casino. Bally’s, along with the Mathieson family, proposed a $300 million offer five months prior, aiming to gain control of Star’s operations. Bally’s Corporation is a global casino and entertainment company, while Star Entertainment operates casinos and entertainment facilities.
NICC Chief Commissioner Philip Crawford stated there were no adverse findings against Bally’s. He confirmed the approvals would allow Bally’s and Investment Holdings to progress with their financial and operational commitments, with implementation expected shortly. Soo Kim, chairman of Star’s new controlling investor Bally’s, said in April that the casino operator needed new executives, arguing it had been badly managed.
This decision does not impact the current status of Star’s licence to operate a casino in Sydney, which remains suspended and under the supervision of independent manager Nick Weeks. Simultaneously, Star is undergoing internal restructuring, axing up to 40 positions across various departments within the organisation. Star shares closed at 8.6¢ each on Thursday.
