Star Entertainment appoints Bruce Mathieson Jr as new chair in board shake-up
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The news: Star Entertainment has appointed Bruce Mathieson Jr as chairman, replacing Anne Ward, after Bally’s Corporation and Mathieson’s Investment Holdings converted rescue loans to the embattled casino firm into equity.
The context: Star on Monday confirmed the board changes in an ASX filing, which will also see Bally's chair Soo Kim and president George Papanier appointed as new Star board members as Bally nominees.
Peter Hodgson has been appointed interim chair of Star’s audit committed and Eirene Garnsey has been appointed as an additional company secretary of Star.
Non-executive director Deborah Page has also resigned as a director.
Late last month, the NSW Independent Casino Commission and the Queensland Office of Liquor and Gaming Regulation approved a $300 million strategic investment by Bally's and Investment Holdings, to help Star stave off bankruptcy.
Group CEO and managing director, Steve McCann said: “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. We wish them well for the future.”
A separate ASX filing shared by Star on Monday evening after market close revealed that Mathieson’s Investment Holdings has lifted its interest in the casino operator from 9.59% to 23.16%.
