Billionaire Bruce Mathieson Backs Bally’s Takeover Play With AU$50 Million Bet

Star Entertainment’s biggest individual investor has thrown his weight — and wallet — behind a bold new suitor.

Australian gambling tycoon Bruce Mathieson is backing a takeover offer by U.S.-based Bally’s Corp to seize control of The Star Entertainment Group. And he’s not just cheering from the sidelines. According to reports from The Australian Financial Review, Mathieson has committed to invest an additional AU$50 million (US$31.5 million) into the business if the Bally’s-led bid gets the green light.

The surprise move pits the billionaire against Star’s other proposed funding deals, including a partnership with Hong Kong investors and a separate private equity-backed proposal. Mathieson’s influence, already considerable given his 10% stake, could end up being the deciding factor.

Mathieson Eyes Bigger Slice and Boardroom Power

Mathieson’s current holding in Star sits at around 10%, already making him the largest single shareholder. But that might be just the beginning.

Regulators have already approved Mathieson to lift his stake to 20%. Now, with Bally’s entering the frame, sources say he’s considering going even higher. A seat at the board table appears to be in sight — and perhaps even a louder say in how Star is run moving forward.

Two short sentences to break it up.

The AFR report suggests that should the Bally’s bid move forward, Mathieson could use the opportunity to bolster his influence and help steer a company that’s been fighting to rebuild trust after a slew of regulatory and financial setbacks.

Bally’s Bid Adds New Twist to Star’s Recovery Story

Bally’s Corp, a U.S. gaming heavyweight, is believed to be offering a controlling stake in the troubled Australian casino operator. While official terms haven’t been disclosed publicly, the move could inject much-needed capital and international experience into a business still reeling from regulatory probes, revenue declines, and management shakeups.

Star has been hunting for fresh funding after a brutal two-year period marked by falling profits and loss of licences at key properties.

Here’s the twist.

Instead of continuing down the road with existing Asian-based partners and a private equity offer from Salter Brothers, Mathieson’s support throws a curveball — and Bally’s might just leapfrog the pack.

• Bruce Mathieson’s endorsement could tilt boardroom dynamics

• Bally’s brings operational strength and global market credibility

• Alternative proposals now face significant shareholder resistance

And while some analysts believe Bally’s might need to sweeten its terms, it’s clear they now have a serious ally on the ground.

Salter Brothers Deal Could Be on Shaky Ground

Until recently, Star had been in advanced talks with Australian investment firm Salter Brothers to secure vital financing and keep its operations afloat. That deal involved a complex mix of debt and potential equity conversion, but it now faces a fresh obstacle.

One sentence. Then another.

If Mathieson continues to push for Bally’s, Salter’s chances might dwindle fast. For any deal to succeed, major shareholder buy-in is crucial — and the most influential one just changed his tune.

Meanwhile, the Hong Kong-linked deal that Star announced earlier this year has also drawn scrutiny, with critics questioning the strategic value and long-term upside. Now, with an American giant knocking and the local billionaire answering, both existing deals may be in jeopardy.

What Star’s Turmoil Means for Australia’s Casino Sector

Star’s troubles have been headline material for months. Between damaging inquiries into money laundering, boardroom exits, and licensing pressures in both Sydney and Brisbane, the group has been desperate to stabilise.

The Bally’s offer may provide more than cash. It could symbolise a fresh start.

Australia’s casino sector has been under intense pressure from regulators, with both Star and rival Crown Resorts under the microscope. Public trust has been badly bruised, and reform has been slow.

But international interest, especially from a brand like Bally’s, could hint at a longer-term global pivot. It might also encourage similar moves across the sector.

One short line here.

Still, nothing is locked in yet.

Mathieson’s Long History with Poker Machines and Power Plays

For those unfamiliar with Bruce Mathieson’s name, it carries serious weight in Australia’s gambling world. He built his fortune through pubs and poker machines, amassing a massive empire that includes hundreds of venues and a deep-rooted influence in gaming policy and business circles.

His investment in Star wasn’t just about financial returns — it’s always been personal.

Now in his late 70s, Mathieson remains one of the most powerful figures in Australia’s gambling scene. His support for Bally’s will be seen as more than a financial endorsement; it’s a calculated move that reflects both business instinct and decades of experience.

Here’s a quick look at Mathieson’s history in the sector:

Whether he becomes a board member or just the kingmaker, Mathieson’s presence won’t be ignored.

Still Plenty of Unknowns Ahead

So, what happens next?

Well, Bally’s hasn’t confirmed the full scope of its bid. And Star’s board hasn’t made any final decisions. But with cash commitments on the table, investor sentiment shifting, and pressure to deliver stability mounting, a new chapter seems to be unfolding.

There’s also the matter of regulatory clearance. Any takeover bid — especially involving offshore companies and gaming licences — will be heavily scrutinised.

But in a business that’s been rocked by scandal, a bold new direction might just be what the doctor ordered. Whether Star grabs the lifeline or sticks to its original plans, one thing’s clear: Bruce Mathieson just made things a whole lot more interesting.