Australia’s The Star Entertainment Group has announced the appointment of Bally’s Corp’s Charlie Diao as Group Chief Financial Officer, subject to the grant of an Australian work visa and other regulatory and ministerial approvals.
Diao currently serves as Bally’s Corp Senior Vice President, Finance and Corporate Treasurer.
In his new role with The Star, Diao will report directly to Group CEO and Managing Director Bruce Mathieson Jr. and ‘will play a critical role in supporting the Company’s financial stability, capital strategy and ongoing transformational activities’.
Diao brings with him extensive experience, having served as CFO of Bally’s Chicago as well as on the board of of numerous groups including Griffon Corporation. He formerly served as Senior Managing Director and Group Head for Bear, Stearns & Co. and Managing Director and Group Head for Prudential Securities.
Speaking of the appointment, The Star’s CEO noted “Charlie brings deep financial expertise and global experience at a pivotal time for The Star. His leadership will be instrumental as we continue to stabilize the business, strengthen our governance settings, and position the Company for long-term performance”.
Recent executive appointments
The Star also reiterated several other key executive appointments, subject to regulatory and ministerial approvals, with a filing confirming:
- John Koster commenced as CEO of The Star Sydney
- David Whimpey commenced as COO and Interim CEO of The Star Brisbane
- Tom Boyd commenced as Interim Group Chief Legal Officer
Speaking of the appointments, Mathieson Jr. noted that “We are also pleased to welcome John, David and Tom to their respective roles. Together, these appointments enhance the stability and capability of our senior leadership team and support the ongoing transformation of The Star”.
The Star has undergone a significant leadership change since the lifeline investment by Bally’s Corp and Investment Holdings last year, with Bally’s now holding 38 percent of The Star’s issued capital and Investment Holdings owning 23 percent.
In early March, however, the group still flagged its ability to continue as a going concern, after booking a AU$109.7 million ($77.44 million) fiscal half year loss for the period ending December 31st, 2025.
The Australian gaming operator recently flew out top executives from potential investor WhiteHawk Capital to visit its casinos, as it attempts to secure a refinancing package before the end of this month.
The group is also aiming to drastically cut costs by closing its corporate office, cutting jobs and shifting responsibilities.
In its recently released results, Bally’s Corp highlighted its ‘proven track record of revitalizing underperforming businesses’, noting it would ‘lend its expertise to Star and contribute to its successful turnaround’.
