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It’s been an interesting few months for US casino giant Bally’s. While it’s now taking a look at Star Entertainment (ASX:SGR) – and Bally’s says it can pay more for Star than what it’s currently offering – the giant is also busy trying to launch an IPO to fund a casino in Chicago.
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That ended up being the subject of a very Trumpian lawsuit given the City of Chicago wanted Bally’s to ensure disadvantaged groups would benefit from the casino.
So an IPO was offered to women and people of colour, which went about as well as you’d expect. That’s neither here nor there, but clearly, Bally’s is still on a bent towards international expansion.
And Bally – or its Chair, Soo Kim – has been looking at Star since mid-late February. Kim reported ‘getting calls for well over a year’ about Star, which he described as “a troubled casino.”
In an interview with Inside Asian Gaming, Soo Kim last month made clear Bally’s has some exposure to the Australian landscape and so, ultimately, why not?
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A site visit at three key Star locations across three states at the end of last month has now transpired into a desire by Bally’s to take a run at Star.
Kim has described himself as being like a firefighter when buildings are burning, if that’s anything to go off.
Whether or not this truly means a turnaround opportunity for Star remains to be seen – so too does what Bally’s will have to do to keep other proposed suitors happy.
At least this way, Star might be able to publish an earnings report.
SGR last traded at 11cps before it was halted in Week 10.
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