Star Entertainment Board Revamped with Bally’s Leadership
Star Entertainment Board Revamped with Bally’s Leadership
Australia’s Star Entertainment Group has undergone significant changes in its board of directors. The company has appointed Bally’s Corp Chairman Soo Kim and President George Papanier to its board, while former chair Anne Ward and non-executive director Deborah Page have stepped down from their roles.
These updates were officially announced following a board meeting held last Friday, as stated in a recent company filing with the Australian Securities Exchange (ASX).
Forging a New Path Forward for Star Entertainment
The revamped board follows the approval of a major rescue plan involving US casino operator Bally’s Corp and Investment Holdings Pty Ltd. This plan, valued at AUD 300 million (approximately $196 million), enabled these stakeholders to convert subordinated debt into equity, resulting in a combined control of 61% ownership of Star Entertainment shortly after the group’s Annual General Meeting.
Bruce Mathieson Jr has also joined the board, representing Investment Holdings Pty Ltd, while Peter Hodgson continues as a board member and has been appointed interim chair.
Steve McCann, Star’s CEO and Managing Director, expressed his gratitude toward the departing directors, recognizing their contributions during a challenging time for the company. He warmly welcomed Soo Kim and George Papanier to the board and expressed optimism about the new leadership guiding the company toward a brighter future.
Committed to Implementing Meaningful Change
Following Bally’s receipt of probity approval, Soo Kim shared his confidence in revitalizing the company. He highlighted the potential to significantly increase revenues while simultaneously reducing expenses, emphasizing a strong commitment to making impactful changes swiftly.
The reshaped board represents a critical phase in Star Entertainment’s wider restructuring efforts. The company is navigating a complex period marked by regulatory scrutiny concerning alleged compliance issues at its Sydney and Queensland casinos. As part of ongoing reforms, Star remains under stringent oversight while executing a multi-year remediation plan.
Looking ahead, further adjustments to the board and company structure may occur as Bally’s and its partners deepen their influence over the group’s strategic direction and continue driving stabilization and growth.
