Another two senior executives at Star Entertainment Group are leaving the embattled casino operator as its new owners take the reins.
Star’s CEO Bruce Mathieson Jr, who was appointed executive chairman two weeks ago before stepping down to the chief executive position the following day, continues with a plethora of senior leadership changes.
The casino operator’s former CEO Steve McCann exited in mid-December after less than two years in the job with a $16m golden parachute.
The company on Monday told investors that Star’s group chief financial officer Frank Krile has resigned and will immediately leave the company while its group chief operating officer Jeannie Mok will exit at the end of January.
A process is underway at the company to find a new CFO.
Mr Mathieson Jr thanked the pair for their time with the business but did not reveal specific reasons as to why they were leaving.
“I would like to thank Frank and Jeannie for their significant contribution to the business and particularly their assistance in progressing our remediation plan. I wish them both well in their future endeavours,” he said.
The new CEO’s appointment was confirmed on Monday and the company revealed he will earn $800,000 per year.
Changes at Star come as its new owners, the Mathieson family and US casino giant Bally’s Corporation, take hold of the business after its $300m sale earlier this year.
The Mathieson family’s company Investment Holdings has a 23 per cent stake in the company while Bally’s holds 38 per cent.
Bally’s chairman Soo Kim has replaced Mr Mathieson Jr as chair of Star’s board and will guide the company as it still faces a myriad of financial challenges.
Star owes lenders about $450m and faces a fine from financial crimes agency AUSTRAC believed to be upwards of $400m.
The company reported a massive $471.5m loss for the 2025 financial year as it struggled with reduced revenue.
It also said the implementation of mandatory carded play and cash limits at Star’s Sydney precinct had eaten into revenue.
Other factors taking their toll on the casino operator include Star’s remediation program and a loss of market share.
However, it has received a myriad of cash injections while facing its challenges.
These include $100m secured through the casino operator’s lenders in late 2024, alongside $233m from Bally’s and Bruce Mathieson’s takeover offer, $45m from the Queen’s Wharf Casino sale and about $120m from the sale of its Sydney events centre and its Treasury Brisbane Casino Building.
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.skynews.com.au ’
