Star Entertainment Group has got the greenlight for the $300m takeover by US gaming giant Bally’s Corporation and local publican Bruce Mathieson, sending its share price soaring more than 20 per cent.

The company received a takeover bid from Bally’s and Mr Mathieson’s Investment Holdings in March as it faced extreme financial pressures and was on the brink of collapse.

Star accepted the offer in April and shareholders approved it in June , allowing the two companies to take a stake of just over 50 per cent in the casino operator.

The deal has now received regulatory approval from the NSW Independent Casino Commission (NICC) and the Queensland Office of Liquor and Gaming Regulation.

This allows Star to convert the $300m investment into equity and appoint nominee directors to its board

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