Entertainment <\/p>\n
The newly appointed chair of troubled Australian casino operator Star Entertainment Group, Soo Kim<\/strong>, who also chairs US casino giant Bally\u2019s Corp<\/strong>, said about the former\u2019s financial situation is the greatest bit of mismanagement he\u2019s ever seen.<\/p>\n Speaking at the World Gaming Forum<\/strong> on the opening day of the international trade show ICE Barcelona<\/strong>, Kim said he would describe Star as a generational opportunity for Bally\u2019s, despite the many financial uncertainties. However, Kim would also criticize Star for the seemingly bad economic decisions it has made, making an example of its two casinos in Sydney<\/strong> and the Gold Coast<\/strong>. Both were making AUD 500 (about $337 million)<\/strong> two years ago, but now they are making \u201cessentially zero,\u201d according to Kim.<\/p>\n \u201cI don\u2019t even understand. We\u2019ve done a lot of interesting turnarounds, but this one, the inability of the caretaker management teams to operate a casino, is severe,\u201d Kim explained.<\/p>\n Despite that, the chair explained that Bally\u2019s is optimistic that it could turn the Star casinos\u2019 fortunes around. Kim said that he sees a lot of opportunities in Star\u2019s properties and explained that Bally\u2019s is confident it could \u201ctake something where others have thought its best days were behind it and turn it into something real.\u201d<\/p>\n According to Kim, just the value of the hardware associated with Star Entertainment Group\u2019s Sydney and Gold Coast properties alone numbers in the billions, which could be used to turn the fortunes of the company around. Kim also explained that Star could be one of the greatest opportunities in the world, reiterating that it\u2019s not even close when one considers the replacement value of the two venues\u2019 assets.<\/p>\n Bally\u2019s Corp, together with Australian pub operator Investment Holdings Pty Ltd<\/strong>, invested AUD 300 million (about $200 million)<\/strong> to secure a combined 61% stake<\/strong> in Star. Since receiving shareholder and regulatory approval in 2025, the new majority owners have overhauled Star\u2019s board and senior management.\u00a0<\/p>\nKim Criticizes Star Entertainment\u2019s Management<\/h2>\n
How Did Bally\u2019s Come to Own a Majority Stake in Star?<\/h2>\n