Pub baron seeks green light to lift Star stake
Bruce Mathieson, the billionaire businessman who made his fortune in pubs, has formally asked the NSW casino regulator for permission to increase his stake in Star Entertainment, a clear signal of his long-term ambitions to gain a larger holding in the embattled wagering group.
Mr Mathieson emerged as an investor inthe struggling casino operator in February, taking a 9.97 per cent stake as it prepared an extensive turnaround plan. A person familiar with Mr Mathieson’s plans said he wrote to the Independent Casino Commission, the regulator, shortly after acquiring that stake to ask for permission to lift his holding.
Bruce Mathieson became a significant investor in Star Entertainment in February. Arsineh Houspian.
There is no guarantee that Mr Mathieson will increase his stake if he receives approval – it will depend on market conditions. Mr Mathieson declined to comment.
A spokesman for the casino regulator declined to comment, except to note that approval was needed for any investor to own more than 10 per cent of the company. That would make them a “close associate” under the regulations governing casino licensees in the state.
“The process will see the stakeholder undergo a probity assessment which interrogates their financial background and stability, their business dealings, and their character, among other things,” he said. “The assessment is rigorous, so depending on the particulars of the individual and their affairs, a probity assessment can extend for weeks or months.”
A close associate of a casino licence can be a company that holds the licence, a director, manager, secretary or executive officer working at or applying to work at a casino, or a person working at a body or applying to work for a company that is
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