Bally’s says the AU$260 million penalty does not make Star insolvent
Bally’s, Star Entertainment’s largest shareholder, has publicly backed the company’s turnaround and said the Federal Court’s AU$260 million penalty does not render The Star insolvent. Chairman Soo Kim made the comments in a statement published on Bally’s website over the weekend, four days after the court handed down its combined penalties in the long-running AUSTRAC case on 28 October.
“We are thankful for the constructive engagement of regulators throughout this process and proud of the progress being made,” Kim said in the statement. “There is more work ahead, but we remain confident in the direction of the business and do not believe [the…