Following the $300m rescue package from Bally's and Investment Holdings, first announced in April, The Star Entertainment has now informed the Australian Securities Exchange (ASX) of a substantial change in ownership.
Bally's Corp, Bally's Media, Bally's Star Holdings, Bally's Chairman Soo Kim and 'their associates' are all listed on the ASX notification as part of the group now possessing 37.7% of the voting power at The Star, via the acquisition of 2.5bn ordinary shares.
A board meeting was held on 28 November, and these changes are dated back to that day.
On 1 December, another ASX notification was submitted, informing the Australian stock market of changes made to the structure of the Board at that same meeting.
The Star Chairman, Anne Ward and Non-Executive Director, Deborah Page, both resigned from the Board, with Soo Kim and Bally's President, George Papanier, taking their places.
Bally's takeover was made in partnership with Investment Holdings, which was the subject of another ASX announcement on the 2 December.
Together, the pair now have a controlling stake of nearly 61%.
Both the company's internal constitution and restrictions enforced by Liquor and Gaming NSW and the Queensland Office of Liquor and Gaming Regulation (OLGR) contain stipulations that no individual should have more than 10% of the voting power in a company.
Bally's and Investment Holdings each circumvented this rule after seeking and receiving exemptions from Liquor and Gaming NSW and the OLGR.
In fact, at a meeting of shareholders held in June, Bally's or its wholly owned nominee was approved to acquire up to 53.75% of shares in the company.
Bruce Mathieson of Investment Holdings has been installed as the new Chairman of The Star
