Star Entertainment takeover approved by Queensland government

Takeover of Star Entertainment in Queensland has been waved through by the state government.

Queensland Attorney-General Deb Frecklington announced regulatory approval had been granted on Friday morning, after the Queensland Office of Liquor and Gaming Regulation found Bally’s Corporation and Investment Holdings were suitable entities to take over the embattled company.

Star Entertainment has faced extreme financial pressure for almost two years, linked in part to repeated breaches of anti-money-laundering and counter-terrorism laws.

Star’s Queen’s Wharf Casino in Brisbane.Credit: Joe Ruckli

Frecklington said the decision followed “careful review” of all material and the departmental investigation.

Minutes later, the NSW government announced it had also given approval to the two groups.

American casino giant Bally’s Corporation – which owns 19 casinos in the US – and the billionaire Mathieson family had been waiting on the approval to take control of the company as majority owners, five months after shareholders approved a $300 million deal.

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Regulatory approval came days after the company’s existing management announced a host of job cuts as part of a major restructure.

The Queen’s Wharf casino in Brisbane’s CBD is in the process of being sold to Chow Tai Fook Enterprises and Far East Consortium, but still operated by Star Entertainment until at least March next year.

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