Bally’s allays Star insolvency concerns after A$260m penalty

Chairman Soo Kim has backed Star’s financial recovery, pointing to improving performance and progress on regulatory remediation Bally’s Corporation has reassured investors over Star Entertainment’s financial position, insisting the A$260m in penalties issued this week will not render the Australian casino operator insolvent. The Federal Court of Australia handed the penalties to Star over anti-money laundering (AML) and counter-terrorism financing (CTF) breaches. These related to historic failings across both Star’s Sydney and Queensland properties. Star fully accepted the penalty, despite having argued for a maximum payment of $100m due to its financial position.