<\/p>\n
The board of The Star intends to unanimously recommend that shareholders vote in favour of the transaction, the statement to the ASX said.<\/p>\n
The deal comes after talks for a $940 million funding deal with local investment managers Salter Brothers fell through<\/a> last week.<\/p>\n \ufeffThe Star, which runs casinos in Sydney, Brisbane and on the Gold Coast, has been in financial distress for some time now.<\/p>\n It revealed in January that it was down to just $79 million in the bank at the end of 2024<\/a> after burning through \ufeff$107 million in the previous three months, and was put in a trading halt after failing to post its half-yearly results in time in late February.<\/p>\n \ufeffIts shares last traded at 11 cents, about 2 per cent of their value in 2018.<\/p>\n In 2021, the Star was found to have allowed organised crime and money laundering to infiltrate its Sydney casino by a NSW government investigation.\ufeff<\/p>\n DOWNLOAD THE 9NEWS APP<\/em><\/strong><\/a>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. Available on the<\/em><\/strong> Apple App Store<\/em><\/strong><\/a> and<\/em><\/strong> Google Play<\/em><\/strong><\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" Star Entertainment has avoided falling into administration after securing a $300 million lifeline from US casino giant Bally's Corporation. In a statement to the ASX tonight, Star announced it had entered into a binding term sheet with Bally's that will inject $300 million into the floundering casino operator in exchange for $33.4 million in shares. […]<\/p>\n","protected":false},"author":1,"featured_media":1108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[15],"tags":[],"_links":{"self":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/1106"}],"collection":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/comments?post=1106"}],"version-history":[{"count":2,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/1106\/revisions"}],"predecessor-version":[{"id":1109,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/posts\/1106\/revisions\/1109"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/media\/1108"}],"wp:attachment":[{"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/media?parent=1106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/categories?post=1106"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.fresnoforeclosure.com\/index.php\/wp-json\/wp\/v2\/tags?post=1106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}