Australian company Star Entertainment Group has completed a restructuring of its Board of Directors: Bally’s Corp Chairman Soo Kim and company President George Papanier have been appointed to the board. Former Star chair Anne Ward and independent director Deborah Page have stepped down from their positions.
The changes were confirmed at a board meeting last Friday, Star reported to the ASX on Monday.
The updated Board of Directors was formed following a AU$300 million deal with Bally’s Corp and Investment Holdings Pty Ltd. The two companies received a combined 61% stake in the struggling Australian operator. The controlling stake was obtained through the conversion of subordinated debt into equity late last week after Star’s Annual General Meeting.
Bruce Mathieson Jr is another recent appointee, representing the interests of Investment Holdings Pty Ltd. Peter Hodgson remains on the board and has been appointed interim chairman.
“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,” said Steve McCann, Star’s Group CEO and Managing Director. “We wish them well for the future.
“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.”
Bally’s Chairman Soo Kim told the media “We think that there’s potentially hundreds of millions of annualized revenues that we think we can get [and] hundreds of millions of annualized expenses that can be taken out of the business. We think we can make a difference on both sides and we’re looking forward to doing so.
“We’re going to start to really bring changes as quickly as we can.”
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