Andrew Scott<\/strong>, responding to questions about the deal with The Star.<\/p>\nScott asked Kim whether Bally\u2019s had been in talks with The Star all along or whether the Australian company only reached out to Bally\u2019s once its deal with Salter brothers fell through. Kim admitted that the latter was the case. He elaborated that The Star didn\u2019t immediately reach out to Bally\u2019s but once it did, the deal came together rather quickly.<\/p>\n
Scott then addressed The Star\u2019s precarious financial situation, pointing out that the company\u2019s current state is a long shot from its peak in 2018. In his interview with Kim, he asked whether Bally\u2019s believes the deal with The Star would be a sound investment.<\/p>\n
Kim responded that Bally\u2019s is, in fact, excited to take control of The Star Entertainment. While Bally\u2019s chair acknowledged that the Australian company has been in some trouble, he seem convinced that his team would be able to change its management and help it achieve its true potential.<\/p>\n
Bally\u2019s Is Not Concerned about Australia\u2019s Regulatory Regime<\/h2>\n
Scott also questioned Kim about his feelings about the Australian regulations, pointing out that they are largely responsible for The Star\u2019s precarious position. Kim responded that Bally\u2019s acknowledges that gaming and regulation \u201cgo hand in hand\u201d and added that regulatory structures are \u201cto be embraced.\u201d<\/p>\n
Kim acknowledged that operators should be mindful of the rules in the markets they operate with and comply with the regulations. With this in mind, he said that Bally\u2019s is \u201clooking forward to having a good dialogue with the [Australian] regulators.\u201d<\/p>\n
Bally\u2019s Will Prepare a Day 1 Action Plan<\/h2>\n
Responding to Scott\u2019s questions about when Bally\u2019s is going to get in charge of The Star\u2019s business, Kim responded that he expects The Star shareholders to vote on the matter in 16 to 19 days. He added that he isn\u2019t certain about how long regulators would take to approve the deal but noted that it would take at least 90 days, if not more.<\/p>\n
Kim added that Bally\u2019s is going to use the dependency of regulatory and shareholder approval to try to understand The Star\u2019s business and come up with a \u201cday one action plan\u201d for when Bally\u2019s comes into the office. He elaborated that Bally\u2019s will try to understand what changes are needed to open a new chapter for the Australian company.<\/p>\n
While Kim wasn\u2019t sure whether Bally\u2019s is going to rebrand The Star and its properties once it takes control, he added that it will be important to highlight that a significant change has taken place.<\/p>\n
The full interview is available on Inside Asian Gaming\u2019s official YouTube channel.<\/p>\n<\/p><\/div>\n
Read More<\/a>
\n Fiona Simmons<\/p>\n","protected":false},"excerpt":{"rendered":"The Star Entertainment Group, an Australian casino and hospitality operator, just entered into a binding term sheet with American casino operator Bally\u2019s Corporation. Under the agreement, which is still subject to regulatory approval, Bally\u2019s will take majority control and refinance The Star\u2019s debt, solving its short-term financial problems. In an interview with Inside Asian Gaming<\/p>\n","protected":false},"author":1,"featured_media":840268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[134785,31563,1798],"tags":[134784,9091],"class_list":{"0":"post-840267","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ballys","8":"category-chair","9":"category-entertainment","10":"tag-ballys","11":"tag-chair"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/840267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=840267"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/840267\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/840268"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=840267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=840267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=840267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}