Star investors have not been so lucky. Star shares, which traded hands for $3.70 in 2021, are worth just 8¢ under the proposed deal, which still needs all sorts of approvals including from current shareholders.

Pubs and pokies billionaire Bruce Mathieson will certainly be in favour, given he is expected to contribute $100 million of the rescue package and emerge as a more significant shareholder.

But the deal will lead to a group capitalised at just $500 million, compared with a peak of $5 billion in 2021. And that was before investors tipped in $1.5 billion cash in 2023.

In simple terms, shareholders have still lost their shirts and any possible upside is not going to come quickly.

The deal will not actually be a rescue of Star’s 8000 staff, either. While they were sweating on each pay cheque this year, their jobs were never in jeopardy.

The NSW and Queensland governments were ready to step in and prevent job losses at any cost if the current owners did run out of cash.

Too many jobs and too much tourism infrastructure was at stake for any government to do anything else.

Another winner is Star chief executive Steve McCann.

He played an astounding game – as you would expect of a former world series poker player – delivering a deal despite zero support from government, his shareholders and lenders.

And his brilliant game of bluff will pay off handsomely with a remuneration agreement that guarantees he will be paid all his $20 million in salary, retention pay and bonuses if the deal succeeds as it triggers change of control provisions in his contract.

But what about Bally’s and the unconventional Wall Street predator who runs it – will they ultimately win from this deal?

Kim happily points out he is happy to run into smoking buildings to get a distressed deal – presumably as sane stakeholders are running out the door.

Has the smoke at Star blinded him to the risks that have piled up and nearly led to its collapse?

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We might find out when AUSTRAC unveils its fine for money-laundering breaches at Star which could reach $350 million.

Star also faces years of financial losses and negative cashflow as it struggles with the loss of its Chinese high rollers and curbs on its pokies business that do not apply to pubs and clubs.

Revenue is forecast to decline again this year and rise only modestly the following year.

In his Forbes interview, Kim had a good idea of what he needed from these highly regulated businesses – such as casinos – that he has been pursuing and rescuing from oblivion.

“Almost everything is regulated to some extent,” says Kim. “We embrace that because we can ultimately use the rules to our advantage. You can compete in any sport – you just need to know the rules.”

Let’s hope he’s right. No one wants a rerun of Star’s last year.

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