The Star Entertainment Group’s CEO Steps Down

The Star Entertainment Group Limited, an Australian casino and hospitality business, announced major leadership changes, including the departure of its group chief executive officer. The company is already on the lookout for a successor.

McCann Exits, Mathieson Assumes Additional Responsibilities

According to the announcement, Steve McCann is stepping down as The Star’s group CEO and managing director. The departure is effective from December 16, putting an end to McCann’s term at the helm of the company.

The company noted that Bruce Mathieson Jr., the company’s executive chairman, will temporarily assume additional responsibilities until the company finds a suitable successor to McCann.

In the meantime, McCann agreed to remain available during the handover period in order to ensure a smooth transition of responsibilities.  

McCann’s exit comes in the wake of a very turbulent period for the Australian company. The Star has been struggling financially for a while, due to shareholder and public distrust spurred by the company’s prior misconduct. The Star has been subject to regulatory scrutiny for a few years now after investigators learned that the company’s lax compliance might have enabled money laundering and other fraud at its properties.

However, the company is now hopeful that Bally’s help will allow it to recover and restore investor confidence in its business.

McCann Steps Down as The Star Seems on the Verge of Stability

McCann commented on his decision to step down, saying that he believed it to be the right time to depart. He said that Bally’s Corporation and Investment Holdings’ recent investment provided The Star with some stability and opportunity to “pursue a pathway to recovery.”

Now is the right time for new leadership to be put in place with the experience and passion to build on that momentum and take The Star forward.

Steve McCann, outgoing CEO, The Star Entertainment Group

McCann thanked the company’s team of some 8,000 people for their continued commitment and resilience throughout a very challenging period for the company.

In the meantime, Mathieson thanked McCann for his strong leadership and commitment to keeping The Star strong during the turbulence.

Mathieson said: “Steve joined at a time of crisis for The Star and has helped to deliver a critical financial reset for the business and successfully progressed our Remediation Plan, which have laid the foundations for The Star’s long-term future success. We wish him well in his next endeavours.”