This agreement comes a month after Bally’s placed a bid to rescue the Australian casino operator, which has been dealing with budget restraints and regulatory probes for the last few years.

Star Entertainment Group Ltd. signed an A$300 million ($181 million) funding deal with Bally’s Corp. that would potentially hand over control of the ailing gambling company to the US casino group.

In a meeting last week, Bronx Community Board 10 voted overwhelmingly against rezoning an area in the borough for a planned Bally’s casino resort. The event brought a raucous debate over the ...