Star Entertainment shares jump after regulators approve $300m investment
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The news: Embattled casino group Star Entertainment saw its shares rocket in early trade after receiving regulatory approval for a $300 million investment by US gaming giant Bally's Corporation and pub billionaire Bruce Mathieson's Investment Holdings.
The numbers: Star shares were up 11.6% to 9.6 cents at 10:55am AEDT. The stock is down 54% over the last 12 months.
The context: The NSW Independent Casino Commission and the Queensland Office of Liquor and Gaming Regulation approved the strategic investment by Bally's and Investment Holdings, which is expected to take place in the coming days.
The deal, announced in April, will see Bally's and Investment Holdings take their combined interests in The Star to more than 50%. The group's shareholders approved the move in June.
What they said: "We are very pleased to have received all regulatory approvals necessary to complete the strategic investment," said The Star's chair Anne Ward.
"This is a critical step in The Star's progress towards a return to suitability and financial stability."
The source: ASX
