New Star Entertainment Chairman Appalled by Company’s Mismanagement

The newly appointed chair of troubled Australian casino operator Star Entertainment Group, Soo Kim, who also chairs US casino giant Bally’s Corp, said about the former’s financial situation is the greatest bit of mismanagement he’s ever seen.

Kim Criticizes Star Entertainment’s Management

Speaking at the World Gaming Forum on the opening day of the international trade show ICE Barcelona, Kim said he would describe Star as a generational opportunity for Bally’s, despite the many financial uncertainties. However, Kim would also criticize Star for the seemingly bad economic decisions it has made, making an example of its two casinos in Sydney and the Gold Coast. Both were making AUD 500 (about $337 million) two years ago, but now they are making “essentially zero,” according to Kim.

“I don’t even understand. We’ve done a lot of interesting turnarounds, but this one, the inability of the caretaker management teams to operate a casino, is severe,” Kim explained.

Despite that, the chair explained that Bally’s is optimistic that it could turn the Star casinos’ fortunes around. Kim said that he sees a lot of opportunities in Star’s properties and explained that Bally’s is confident it could “take something where others have thought its best days were behind it and turn it into something real.”

According to Kim, just the value of the hardware associated with Star Entertainment Group’s Sydney and Gold Coast properties alone numbers in the billions, which could be used to turn the fortunes of the company around. Kim also explained that Star could be one of the greatest opportunities in the world, reiterating that it’s not even close when one considers the replacement value of the two venues’ assets.

How Did Bally’s Come to Own a Majority Stake in Star?

Bally’s Corp, together with Australian pub operator Investment Holdings Pty Ltd, invested AUD 300 million (about $200 million) to secure a combined 61% stake in Star. Since receiving shareholder and regulatory approval in 2025, the new majority owners have overhauled Star’s board and senior management. 

The former Star Entertainment Group CEO Steve McCann stepped down from his position in December, paving the way for Kim’s recent appointment. Investment Holdings’ Bruce Mathieson Jr has also taken on the role of Group CEO following the abrupt mid-December exit of McCann.

Kim described Sydney and Brisbane as world-class cities, and because of this, they should host equally impressive resorts and casinos. With Brisbane set to host the Olympic Games in the coming years and Sydney having already done so, he explained that it was vital for these leading Asia-Pacific cities to be able to offer integrated resorts that support tourism as well as serve local patrons.