Star Entertainment Refreshes Board with Bally’s Leaders

Australia’s Star Entertainment Group has shaken up its boardroom, bringing in Bally’s Corp Chairman Soo Kim and President George Papanier, while former chair Anne Ward and non-executive director Deborah Page have stepped down.

The changes were confirmed at a board meeting last Friday, the company said in a Monday ASX filing.

“Shaping a New Future for The Star.”

The new board follows recent approvals allowing US casino operator Bally’s Corp and shareholder Investment Holdings Pty Ltd to implement an AUD 300 million ($196 million) rescue plan. Together, they now hold a 61% stake in Star, achieved through converting subordinated debt into equity just after Star’s Annual General Meeting.

Bruce Mathieson Jr has also joined the board, representing his father’s Investment Holdings Pty Ltd stake, while Peter Hodgson remains and has been named interim chair.

Steve McCann, Star’s chief executive officer and managing director, thanked the outgoing directors. “On behalf of the Board, I would like to thank Anne Ward and Deborah Page for their significant contributions to The Board during a challenging period for The Star,” he said. 

“We wish them well for the future. I would also like to welcome Soo Kim and George Papanier to the Board and look forward to working with them to assist in shaping a new future for The Star.”

“We’re Going to Start to Really Bring Changes”

Speaking to Inside Asian Gaming after Bally’s received probity approval, Soo Kim expressed confidence in turning the company around. 

“We think that there’s potentially hundreds of millions of annualized revenues that we think we can get and hundreds of millions of annualized expenses that can be taken out of the business. We think we can make a difference on both sides and we’re looking forward to doing so. We’re going to start to really bring changes as quickly as we can.”

The new board reconfiguration marks an important step in the group’s restructuring plan, signaling an era of fresh leadership and a clear push to stabilize and grow the operator amid a difficult period, which included inquiries into alleged compliance breaches at the casinos in Sydney and Queensland. For the time being, the company is still under strict supervision and is working to implement a remediation plan spanning several years. 

More changes could follow as the new majority shareholders gradually take more influence over the group’s direction.