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Australia's Star Entertainment jumps on regulatory nod for Bally's investment
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Star Entertainment's shares surged 22.1% to A$0.105 after receiving regulatory approval for Bally's Corporation to become a substantial shareholder. This approval allows Bally's A$300 million investment to convert into equity. The stock was the top percentage gainer on the ASX All Ordinaries index, with over 30.7 million shares traded, significantly above the 30-day average. Despite this rise, the stock was down 54.7% year-to-date.
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