Star Entertainment signs lifeline deal with US gaming giant Bally's | The Business | ABC News

Embattled casino group Star Entertainment has secured a $300 million lifeline from US gaming giant Bally's, hich has made a specialty of picking up "distressed" casinos. Bally's owns and operates 19 casinos in the US.
Soo Kim, chairman of Bally's previously spoke to The Business while it was in negotiations with Star, saying the situation needed "tender loving care" rather than cold hard cash, although the offer did include $250 million in return for a controlling stake in the company, which it now has. When speaking about Star's cashflow problems, Soo Kim said "Isn't the limiting factor the leaks in the bucket? Isn't the definition of insanity to do the same thing over and over again and expect a different result?"
Star, which owns casinos in Brisbane, the Gold Coast and Sydney and employs more than 9,000 people, has warned for months it could fall into administration if a financier was not found. This deal now secures the future of jobs for now.
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