Billionaire Mathieson backs Bally’s bid for Star with $50m sweetener
The company’s largest shareholder has thrown his support behind the American casino giant’s rescue bid despite Star’s lengthy discussions with another party.
Star Entertainment’s largest shareholder, billionaire publican Bruce Mathieson, is backing a last-minute rescue offer from an American casino giant and has agreed to tip in more than $50 million if a deal proceeds.
Star chief executive Steve McCann has been negotiating to lock in a different package which would leave the company’s Queen’s Wharf complex in Brisbane with two Hong Kong investors. That deal is backed by alternative asset manager Salter Brothers and includes a $750 million refinancing.
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Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian. Connect with Zoe on Twitter. Email Zoe at zoe.samios@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
