Yesterday
Desperate Star Entertainment asks Bally’s to fatten up a bail-out
Term sheets are flying as Star and its bankers try to secure a final lifeline for the casino operator.
This Month
PointsBet at odds with rival bookie BlueBet over takeover funding
The company is trying to sell its business to Japanese entertainment giant Mixi, but that has been complicated by a competing bid from BlueBet.
NBL recruits KordaMentha as basketball war gets messier
Two billionaires, Larry Kestelman and Jared Novelly, are fighting over the future of the National Basketball League and it looks headed for court.
Star turns to US casino giant Bally’s as $750 million lifeline fails
Star was trying to reach a deal with its potential funder until late on Tuesday, but had failed to agree to terms including how to meet its near-term costs.
Bookmaker behind Ladbrokes turned blind eye to drug money laundering
Over 640 pages, Austrac accuses the UK bookmaking giant of failing to catch “large amounts of money being regularly moved”.
March
Stadium cost blowout latest threat to newest AFL team
The forecast costs were released in an independent report by the Tasmanian Planning Commission, which will decide whether the project should go ahead.
How the billionaire fight of the NBL unravelled
A longstanding dispute between two basketball-loving billionaires burst into the public last week. It’s about to get ugly.
How it all went wrong for Rocky Elsom in the ‘wild west’ of French rugby
The former Wallabies captain faces arrest in France over misusing the assets of his rugby club. But court documents reveal he left the club in its best financial position in years.
Star’s Hong Kong saviour hid relationship with criminal junket king
A long-secret report finally released by the Queensland government recommended the state consider “divestment or appropriate quarantine” of assets.
Star Entertainment extends Salter Brothers $750m deal deadline
Star Entertainment needs to lock in a multimillion-dollar funding package before the start of April or faces the prospect of voluntary administration.
Billionaire Mathieson backs Bally’s bid for Star with $50m sweetener
The company’s largest shareholder has thrown his support behind the American casino giant’s rescue bid despite Star’s lengthy discussions with another party.
Billionaire wars: Larry Kestelman knocks back NBL takeover
Jared Novelly, the owner of the Illawarra Hawks and ally of Donald Trump, has attempted to oust Kestelman from the NBL.
Bolton removed from Keybridge Capital board in stoush with Catalano
The activist investor has, however, talked up the decision as a victory, saying he has “never seen such competition to be on the board of an insolvent company”.
Austrac accuses Entain of allowing suspected criminals to launder cash
The British bookmaker behind Ladbrokes and Neds allegedly allowed more than a dozen high-risk customers to funnel money through its accounts despite the risks.
Inside Steve McCann’s final attempt to catch a falling Star
Star chief executive Steve McCann’s rescue plan for the casino group could be remembered as one of the trickier pieces of dealmaking in Australia this decade.
Queensland prepares to publish damning report on Star’s HK partner
The state government says it has not received any formal notice from Star about plans to offload the Queen’s Wharf casino to its two main Hong Kong investors.
Disney eyes more Australian sport, turns into a Foxtel competitor
As ESPN hops onto Disney+, the entertainment giant’s Australia and New Zealand boss says it is “open to investing more” in domestic broadcast rights.
Star negotiates with Salter Brothers for long-term $750m refinancing
The funds management giant has already engaged regulators and state governments about probity and is offering to refinance the casino’s long-term debt.
Star Entertainment shares to remain suspended despite deal
The company’s chief executive, Steve McCann, needs to secure long-term financing from an unnamed party for the accounts to be signed off and for trade to resume.
Star agrees to Queen’s Wharf sale, avoids administration
The company has sold its 50 per cent stake in the Brisbane casino to Chow Tai Fook Enterprises and Far East Consortium, and says it is in talks to secure new debt facilities worth $1 billion.