Australia’s Star Entertainment Group has completed a major boardroom overhaul, appointing Bally’s Corporation Chairman Soo Kim and President George Papanier as directors following a meeting of the board last Friday.
The company confirmed the changes in an ASX filing on Monday, marking a significant step in its restructuring process amid ongoing financial and regulatory pressures.
The new appointments come shortly after Bally’s and existing shareholder Investment Holdings Pty Ltd received probity approval to implement an AU$300 million ($196 million) rescue package that will give them a combined 61 percent stake in Star. The controlling interest was secured late last week when subordinated debt issued under the funding arrangement was converted into equity following the company’s Annual General Meeting.
According to Star, the board meeting on November 28th also triggered a wider leadership reshuffle. Chair Anne Ward and Non-Executive Director Deborah Page resigned from the board, while Bruce Mathieson Jr — whose family’s Investment Holdings is now a key stakeholder — was elected Chairman. Peter Hodgson was appointed interim Chair of the Audit Committee, and Eirene Garnsey was named an additional Company Secretary.
Star CEO and Managing Director Steve McCann said the transition reflects a critical moment for the embattled operator as it works toward stabilizing governance and accelerating its remediation program.
“On behalf of the Board, I would like to thank Anne Ward and Deborah Page for their significant contributions during a challenging period,” McCann said. “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.”
The board restructuring follows a turbulent period in which Star has faced multiple regulatory inquiries into compliance breaches at its Sydney and Queensland casinos. The company remains under strict supervision and is progressing through a multi-year remediation plan mandated by state regulators.
The strengthened board — now featuring senior leadership from Bally’s — is expected to play a pivotal role as the company moves deeper into its turnaround phase. Additional changes may follow as the new majority shareholders take greater influence over strategic and operational direction.
