The Star Entertainment Group has confirmed that regulators in New South Wales and Queensland have granted the final approvals required for the company's previously endorsed strategic investment plan.
The approval enables Bally's Corporation and Investment Holdings to convert their combined AU$300m investment into equity, following shareholder approval at The Star's extraordinary general meeting in June.
The NSW Independent Casino Commission (NICC) announced that Bally's and its associated entities had completed a detailed probity assessment conducted jointly with Liquor and Gaming NSW.
The review examined financial and non-financial criteria, ownership structures and related associates. Bally's and its key individuals have now been approved as suitable persons to be linked with the management and operation of The Star Sydney, subject to conditions set out by the regulator.
The NICC also approved an increase in shareholding for Investment Holdings, whose principals have previously received close associate clearance.
The regulator has classified Bally's increased stake as a major change under the Casino Control Act 1992, which requires explicit authorisation for ownership above 10%.
Queensland's Office of Liquor and Gaming Regulation (OLGR) reached the same conclusion after completing its own suitability assessment. In a statement, the Attorney-General confirmed that both Bally's and Investment Holdings had met the thresholds needed to hold equity and influence the casino operations in Queensland.
The Star's Chair Anne Ward said the approvals represent a critical step in the company's path toward restored suitability and financial stability. She said the group is preparing for an orderly transition, with nominee Directors expected to join the Board shortly. The company will provide further updates at its annual general meeting on 25 November.
The Star remains under strict remediation requirements, with oversight continuing under the NICC-appointed manager.
The strategic investment was endorsed by shareholders earlier this year but required separate regulatory approval to be implemented
