Star Entertainment Group’s largest single shareholder is backing a bid from American casino operator Bally’s Corp to take a controlling stake in the company and has pledged to tip in another AU$50 million (US$31.5 million) of his own money should the deal proceed, according to local media reports.
The Australian Financial Review claims that Bruce Mathieson – a pubs and poker machine mogul who holds around 10% of Star’s share capital – has thrown his support behind Bally’s rather than a deal Star recently struck with its Hong Kong partners and a potential financing deal with private equity firm Salter Brothers.
The outlet, which noted that Mathieson has already been approved by regulators to increase his stake to 20%, said he could increase that holding even further and claim a boardroom seat should Star accept the Bally’s proposal.
