“I think they’ve certainly got a rocky road ahead, but I think everyone in business sometimes goes through a rocky period,” he said of Star.

“It depends on how you come out the other side. That relies on people. You put the right people together, you get through, and that’s something I would certainly like to play a part in. That’s the thrill of it.”

On Wednesday, Star said Mathieson had built a 9.97 per cent stake in the company, paying $141.7 million.

Last year, a NSW inquiry found Star was unfit to run its Sydney casino after displaying “cavalier” risk management. But the company has been allowed to keep its all-important licences, with little sign from NSW or Queensland of an appetite to strip its permits despite being found unfit to run them.

Mr Mathieson told the Financial Review that there was “no use investing in businesses that are already done”.

“You’re only following someone. I’d rather try to fix something that’s been a bit wounded. It gives you a lot more pleasure as far as I’m concerned,” he said. “I’ve never bought a business or bought things that are running at maximum. Why would you buy it? That to me is not good business.”

Star shares fell 2.4 per cent, or 3.5c, to $1.44 on Wednesday. The equity raising was at $1.20 a share, a record low.