Bally’s enters binding term sheet with The Star Entertainment Group

Bally’s (BALY) announced that it has entered into a binding term sheet with The Star Entertainment Group comprising a multi-tranche issuance of subordinated convertible notes and subordinated debt with an aggregate principal value of approximately $187M. The Star is an ASX-listed Australian entertainment and gaming company, operating casino and resort properties in Sydney, Brisbane and the Gold Coast. Bally’s will invest in and partner with The Star and bring a proven track record of revitalizing underperforming casino businesses. Bally’s will continue to work collaboratively with regulators and stakeholders to support a successful turnaround of The Star. Strategically, the Transaction is intended to preserve The Star’s long-term potential, with Bally’s committed to leveraging its operational expertise to deliver a more resilient and sustainable business for all stakeholders.