Australian casino business The Star Entertainment Group Ltd has confirmed the rejig of its board , about a week after a rescue bid involving United States-based Bally’s Corp passed probity checks in the Australian states of New South Wales (NSW) and Queensland.
Shareholders of Star Entertainment approved in June an AUD300 million (US$193.5 million currently) rescue package.
The rescue also involves Australian conglomerate Investment Holdings Pty Ltd, which has been Star Entertainment’s largest shareholder. Investment Holdings, controlled by the Mathieson family, will subscribe for AUD100 million of the aggregate amount of the rescue package.
Star Entertainment runs The Star Sydney casino complex (pictured) in NSW’s state capital, and The Star Brisbane, in Queensland’s state capital.
The board changes – following a Friday board meeting – are now in effect, according to a Monday filing to the Australian Securities Exchange.
Soo Kim and George Papanier were appointed to the Star Entertainment’s board as nominees of Bally’s.
Additionally, Bruce Mathieson Jnr has been elected chairman, with Peter Hodgson becoming interim chair of Star Entertainment’s audit committee; and Eirene Garnsey named as an additional company secretary.
Resigning as Star Entertainment directors were: Anne Ward, former chairman; and Deborah Page, who had been a non-executive director.
Steve McCann, group chief executive and managing director, was cited as saying in Monday’s filing: “I would like to thank Anne Ward and Deborah Page for their significant contributions to the board during a challenging period for The Star [Entertainment]. We wish them well for the future.”
He added: “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.”
