The transaction was initially documented on 7 April 2025 and was approved at a general meeting of the shareholders of The Star, with 99% of shareholders voting in favour of Bally's strategic investment. The final New South Wales and Queensland gaming regulatory approvals were obtained on 21 November 2025.
Bally's, a US company listed on the New York Stock Exchange, owns and operates 19 casinos in 11 US states, along with an additional casino in the United Kingdom. Bally's brings a proven track record of revitalising underperforming casino businesses and is highly regarded by regulators in both the US and UK. Their strong governance approach will support The Star's ongoing remediation.
MinterEllison played a critical role in supporting Bally's through a high-pressure transaction, delivering an innovative deal structure that secured immediate liquidity for The Star and prevented it from entering voluntary administration. The firm also navigated complex legal and regulatory challenges, including ownership restrictions under gaming and foreign investment laws.
The MinterEllison team was led by Con Boulougouris (Partner) and Dean Zinn (Senior Associate) and included a multi-disciplinary team across M&A, Finance, Tax, FIRB and Competition. The team worked with US counsel Kirkland & Ellis and specialist gaming regulatory advisor Senet Group.
Con Boulougouris, who is also a member of the Takeovers Panel and is a Governor of the American Chamber of Commerce in Australia, commented:
"We're proud to have advised Bally's on this landmark deal, which averted the collapse of an iconic Australian entertainment and gaming company. The speed and agility with which we developed and negotiated an innovative deal structure - when The Star was just days from administration - demonstrates our firm's expertise in executing complex public market transactions. Securing regulatory approvals was crucial to delivering stability for The Star.
This transaction is a prime example of US investment into Australia, reflecting the continued strength of cross-border capital flows and the appeal of well-governed US bidders in the Australian market. Bally's strong regulatory standing and commitment to governance will be invaluable as they continue the remediation journey at The Star, now with two board members appointed.
