Star to sign $300m lifeline, report says

Star Entertainment has agreed to a $300m deal with a US-based casino giant which would save the Australian business from collapse, the Australian Financial Review has reported.

Citing three unnamed sources, the AFR report claimed contracts are being finalised and a deal could be inked as early as Monday. The deal would see Bally’s Corporation take control of the Australian casino operator.

The owner of casinos in Sydney, Brisbane and the Gold Coast, Star Entertainment has come within one week of running out of cash in recent times as a bailout was sought, the AFR reported.

Bally’s Corporation runs 19 casinos in 11 US states.

NewsWire has contacted Star for comment.

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