Bally’s Corp has wasted no time in bringing in its big guns to shore up embattled Australian casino operator Star Entertainment’s boardroom after its recent AU$300m (US$193m) rescue package gave it seats in the boardroom.
In comes the mastermind and chair behind the Rhode Island-based gaming giant’s rise in recent years, Soo Kim, and industry veteran and Bally’s Corp President, George Papanier. Out go ex-Star chair Anne Ward and non-executive director Deborah Page, who have both stepped down. Star confirmed the reshuffle Monday after a Friday board meeting.
Star’s new board reflects Bally’s and Bruce Mathieson’s Investment Holdings Pty Ltd’s shared $193m bailout, which gave both parties a combined 61% stake after state regulators approved the deal late last month.
The Aussie pub magnate’s son, Bruce Jr, has subsequently been named chairman of Star’s new Board.
The Star’s Group CEO and Managing Director Steve McCann welcomed both Kim and Papanier to the board, stating he was looking forward to “working with them to assist in shaping a new future for The Star.”
Inside Asian Gaming quoted Kim as stating just after receiving regulatory approval that he was confident his Bally’s team could lead The Star back into the big time.
potentially hundreds of millions of annualized revenues that we think we can get”
“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.”
