Bally’s offers $158M recapitalization package to Star, Reuters reports

Bally’s (BALY) has offered a $158M recapitalization package to Star Entertainment (EHGRF) that could give it majority control, Reuters’ Scott Murdoch and Rishav Chatterjee. Under the terms of Bally’s offer, the U.S. casino group would take 50.1% of Star via convertible notes and said it is “very open” to discussing a larger transaction. “Bally’s would partner with Star in deploying our significant operating experience in turning around casino assets and growing highly successful casino businesses globally,” Bally’s chairman Soo Kim said in a letter to Star released to the Australian Securities Exchange on Monday. “We would also be happy to explore alternative structures that would similarly preserve value for all key constituents, including regulators, creditors, equity holders, and employees,” Kim wrote in the letter.