Australia’s Star Entertainment Group has completed a boardroom makeover, with Bally’s Corp Chairman Soo Kim and President George Papanier appointed while former Star chair Anne Ward and non-executive director Deborah Page have both stepped down as directors.
The changes were confirmed at a meeting of the board last Friday, Star said in a Monday ASX filing.
The company’s new-look Board of Directors follows US casino firm Bally’s Corp and existing shareholder Investment Holdings Pty Ltd receiving probity approval a little over a week ago to implement an AU$300 million rescue package that sees them claim a combined 61% stake in the embattled Australian operator. The controlling stake was achieved via subordinated debt which was converted into equity late last week following Star’s Annual General Meeting.
Bruce Mathieson Jr is another recent appointee, representing his father’s Investment Holdings Pty Ltd interest. Mathieson has been named Chairman of the new Board of Directors, while Peter Hodgson remains and has been named Interim Chair of the Audit Committee.
“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,” said Steve McCann, Star’s Group CEO and Managing Director. “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.”
In comments to Inside Asian Gaming shortly after his company received probity approval, Bally’s chairman Kim said he was confident his team could reverse Star’s fortunes.
“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.”
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