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Bally’s Corporation Comments on The Star Entertainment Group AUSTRAC Decision and Continued Turnaround
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Company points to significant operational improvement, regulatory progress and strengthened leadership since Bally’s investment
PROVIDENCE, R.I., October 29, 2026–(BUSINESS WIRE)–Bally’s Corporation (NYSE: BALY) today commented on the Federal Court of Australia’s decision in the Australian Transaction Reports and Analysis Centre (“AUSTRAC”) proceedings against subsidiaries of The Star Entertainment Group Limited (“The Star”) related to historical violations of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
The Federal Court imposed a penalty of $260 million, payable in four installments over 19 months. The proceedings relate to historical conduct that occurred prior to Bally’s investment in The Star and before the appointment of The Star’s current board and executive leadership.
Bally’s supports The Star’s acceptance of the Federal Court’s decision and recognizes the seriousness of the historical conduct underlying the proceedings. The Company also welcomes the opportunity for The Star, under its new leadership, to continue demonstrating the significant operational, cultural and regulatory changes that have taken place across the business.
Since Bally’s became involved with The Star, the Company has provided strategic support to The Star’s management team under an Umbrella Consultancy Agreement, bringing Bally’s extensive expertise in casino operations, regulatory compliance and operational transformation to support The Star’s ongoing remediation and turnaround efforts.
“The issues underlying today’s decision are important, and we respect the work of AUSTRAC and the Federal Court in holding the industry to the high standards expected of casino operators,” said Soo Kim, executive chairman of Bally’s Corporation and chairman of The Star Entertainment Group. “We are equally proud of what The Star’s new leadership team has accomplished in a relatively short period of time. They inherited an extraordinarily challenging situation and have approached the turnaround with discipline, urgency and a clear understanding that strong casino operations and strong regulatory compliance must go hand in hand.”
“Fortunately for us, the turnaround is progressing at a good pace. The circumstances at The Star today are materially different from when we first became involved. Bally’s has decades of experience operating casinos in highly regulated jurisdictions, and we believe that expertise, combined with the commitment of The Star’s leadership and team members, is making a meaningful difference. We are thankful for the constructive engagement of regulators throughout this process and proud of the progress being made. There is more work ahead, but we remain confident in the direction of the business and do not believe today’s decision renders The Star insolvent.”
