(Reuters) – Australia’s troubled casino operator Star Entertainment has received a $250 million ($158 million) offer from shares in U.S. casino group Bally, which accounts for just over half of its shares as debt casino operators review the ongoing options. Money laundering charges, managing the border closure caused by Exodus and Covid-19, pushed the country’s second-largest casino operator to the brink of bankruptcy after years of regulatory scrutiny and penalties. This is the timeline the company has worked hard to keep the lights running over the past four years.
At the end of 2021
Media reports said Star’s own internal comments accused the company of failing to limit money laundering and fraud in its two resorts.
NSW has begun a public investigation and Australia’s financial crime regulator (AUTHAC) has begun an investigation into the possible violation of the Anti-Money Laundering Act (AML) law of the largest casino in Sydney Star.
January 2022
Austrac has expanded its investigation into Star’s possible violations of AML and counter-terrorism laws in corporate casinos.
March 2022
Star’s CEO Matt Bekier resigned due to Austrac’s investigation.
June 2022
Queensland State launched its own investigation into Star. The company also has casinos in Brisbane and the Gold Coast.
September 2022
Inquiry in New South Wales found that stars are not suitable for holding casino licenses in the state.
December 2022
Queensland government fined Star $100 million.
Early 2024
Star faces a second inquiry in New South Wales after casino regulators accused the company of failing to improve its governance to a satisfactory level. Star’s new CEO and CFO withdraw.
June 2024
Star has appointed Steve McCann, former CEO of Crown Resort and real estate giant Lendlease, as its new CEO, responsible for queries through another regulator in New South Wales.
August to September 2024
Again, Star was found not suitable for holding a license in Sydney and submitted annual results a month before the regulatory deadline. The company said its lenders agreed to provide up to $200 million in debt institutions.
October 2024
Game regulators in New South Wales fined $15 million.
January 2025
Star said that as of the end of December 2024, its available cash was $78 million.
February 2025
US-based Oaktree has proposed refinancing the main lifeline of the cash-strapped company, a major lifespan. Star failed to release its interim results by the end-February deadline and once again spoke to financiers about bailouts.
March 2025
