Star Entertainment Proposes AU$11.9 Million Share Issuance to Bally’s Corp and Investment Holdings in Place of Convertible Note Interest

Star Entertainment Group will issue new shares worth a combined AU$11.9 million (US$8.3 million) to its controlling shareholders in lieu of interest on previously issued convertible notes. The proposal requires shareholder approval at the Annual General Meeting scheduled for Tuesday 27 October at The Star Sydney. This marks the first AGM since Bally’s Corp and Investment Holdings Pty Ltd assumed control late last year, according to reporting by Inside Asian Gaming.

If approved, the issuance will adjust ownership stakes and dilute the overall share count. The shares are priced at AU$0.1123 each.

Share Allocations and Resulting Stakes

Bally’s Corp stands to receive around 62.6 million shares valued at AU$7.03 million. This would increase its current holding of 37.67% to 38.01%. Investment Holdings Pty Ltd would receive 43.4 million shares, lifting its stake from 23.16% to 23.44%.

The transaction converts interest obligations into equity for the two controlling entities. It avoids any immediate cash payment while expanding their positions.

AGM Agenda and Shareholder Considerations

The meeting will also put forward five director candidates for election: Bally’s Corp Chairman Soo Kim, Bally’s President and CEO George Papanier, and independent directors Don Pasquariello, Brooke Lindsay and Grant Bowie. Kim and Papanier will face election alongside the independents.

Shareholders face a direct choice on both the share issuance and the board slate. The results will set the immediate governance direction under the new controlling ownership.

Reporting: Inside Asian Gaming

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