Entertainment <\/p>\n
Star Entertainment today (25 March) announced that it has extended an exclusivity agreement with Salter Brothers Capital (SBC) as the two sides continue to discuss a massive deal that would refinance all of the embattled operator’s current debt. <\/strong><\/p>\n In an ASX filing<\/a>, Star announced that the exclusivity period with SBC has been extended to 1 April. The proposal, which would provide debt relief of up to AU$940 million (\u00a3457.5 million\/\u20ac548.5 million\/US$592.3 million), was first announced<\/a> on 7 March. SBC was not disclosed as the lender until four days later.<\/p>\n Star said Tuesday that \u201cSBC is working towards making a binding offer\u201d for the proposal by 31 March. <\/p>\n If finalised, it would \u201cprovide The Star with sufficient liquidity to refinance all of the group\u2019s existing corporate debt and is not conditional on either the purchase of the existing senior debt at a discount to par or any government tax deferrals or waivers\u201d, the company said earlier this month.<\/p>\n SBC\u2019s offer joins a similar restructuring proposal<\/a> submitted by US-based Oaktree Capital in mid-February. That proposal included up to AU$650 million in relief across two debt facilities with a term of five years. As of 7 March, however, Star said that \u201ccertain conditions of the Oaktree Proposal have not yet been met\u201d. Thus, the proposal could not be approved.<\/p>\n As Star continues to mull financing options, another offer from Bally\u2019s Corporation also looms large. The two companies have been linked since early February, when Bally\u2019s sent officials to meet with Star and tour its three properties<\/a>. <\/p>\n On 9 March, Bally\u2019s submitted an offer letter<\/a> to Star to acquire 50.1% of the company for AU$250 million. Bally\u2019s indicated at the time it was also \u201cvery open to discussing a larger transaction\u201d. Officials noted that the deal would be fully funded by Bally\u2019s and not subject to any contingencies. The letter indicates that the offer is valid until 28 March.<\/p>\n A US casino giant has proposed a $250 million takeover bid for Star Entertainment just days after the company announced the sale of a major asset.https:\/\/t.co\/iKXf2N5rMG<\/a><\/p>\n \u2014 Sky News Australia (@SkyNewsAust) March 10, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n The US-based operator is entering a new era, having been bought out by hedge fund Standard General<\/a> in a deal that closed in February. It acquired Aspers Casino in Newcastle, UK late last year and appears to be angling for more of an international presence. <\/p>\n One stakeholder who has thrown support behind the Bally\u2019s proposal is Bruce Mathieson, Star\u2019s biggest individual shareholder. According to the Australian Financial Review<\/a>, Mathieson is backing the proposal. He has also pledged an additional AU$50 million to help facilitate it. The billionaire currently holds about 10% of the company and has been approved to increase that stake to 20%. If the Bally\u2019s deal were to go through, he could extend that stake further and take on a board seat.<\/p>\nBally\u2019s offer also outstanding <\/h2>\n
\n
Queen\u2019s Wharf exit a major factor <\/h2>\n