Star Entertainment 
SGR said on Monday that it had received a proposal from U.S.-based casino operator Bally’s Corp (BALY.N) to inject A$250 million ($157.63 million) of funding into the Australian firm.
The proposal comes at a time when the embattled Australian firm is seeking critical funding to stabilise its finances and serves as a last-minute effort to take control of the casino group.
Under the terms of Bally’s offer, the U.S. company would provide a capital raise of A$250 million, leading to Star issuing convertible notes to its existing senior lenders.
The notes would be convertible into at least 50.1% of Star’s fully diluted ordinary shares.
Last week, Star said it would delay the release of its interim financial results until a rescue financing package was secured, with its shares remaining suspended from trading.
The company’s financial woes underscore the mounting pressures on Australia’s casino sector, which has faced heightened regulatory scrutiny and economic headwinds in recent years.
($1 = 1.5860 Australian dollars)
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