The Queensland government signed off on Bally’s Corporation and Investment Holdings’ takeover of The Star Entertainment after regulators determined the buyers were suitable to run the embattled company.

Regulators in Queensland and New South Wales also approved a about $300 million rescue package for Star Entertainment Group, led by Bally’s and Investment Holdings Pty Ltd controlled by Bruce Mathieson and family.

Days before those approvals, Star Entertainment’s management signaled major job cuts as part of a broader restructuring plan.

The deal, valued at roughly $300 million, had already gained shareholder approval months earlier, and Bally’s and Investment Holdings are set to become majority owners.

Queensland’s Queen’s Wharf casino in Brisbane is being sold to Chow Tai Fook Enterprises and Far East Consortium, with Star Entertainment remaining as operator until at least March next year.

Bally’s and Investment Holdings will convert their debt in The Star into equity, securing a substantial ownership stake and influence over management and Queensland operations.

Star Entertainment runs casinos in Brisbane, the Gold Coast, and Sydney, employing thousands, with the approvals paving the way for an orderly transition and future stability.

The NSW Independent Casino Commission approved Bally’s to become a substantial shareholder and approved an increase in Investment Holdings’ shareholding after rigorous assessment, confirming no adverse findings.

The approvals will enable equity conversion of the $300 million investment and allow Star to nominate new directors to its board as part of restoring suitability and financial stability.

The takeover comes after nearly two years of financial pressure and regulatory breaches related to anti-money-laundering and counter-terrorism laws.

Queensland Attorney-General Deb Frecklington announced the approval following a review by the Office of Liquor and Gaming Regulation which deemed Bally’s and Investment Holdings suitable for investment and ownership changes.

The NSW government also granted approval to Bally’s Corporation and the Mathieson family-backed Investment Holdings to proceed with the deal.