Star Entertainment appoints Bally’s executive Charles Diao CFO
Australian casino operator The Star Entertainment Group has appointed H.C. Charles (Charlie) Diao as Group Chief Financial Officer, subject to an Australian work visa and regulatory and ministerial approvals. The move marks another senior leadership addition from US-based Bally’s Corporation as the embattled company continues efforts to stabilise its business.
Diao currently serves as Senior Vice President, Finance and Corporate Treasurer at Bally’s Corporation. He will succeed Frank Krile, who stepped down as chief financial officer at the end of December. His appointment follows a series of leadership changes, including the December appointments of Bruce Mathieson Jnr as Group CEO and Managing Director and Soo Kim, chair of Bally’s, as chairman of Star’s board.
The Star stated that Diao is an experienced finance executive with an extensive background in corporate finance, treasury and financial governance, and has held senior financial leadership roles across corporate and advisory environments. In addition to his current role, he has previously served as CFO of Bally’s Chicago, held board positions including at Griffon Corporation, and occupied senior roles at Bear, Stearns & Co. and Prudential Securities.
Role focused on financial stability and transformation
In his new position, Diao will report directly to Mathieson Jnr and is expected to play a central role in the company’s recovery strategy.
“As Group CFO, Mr Diao will report directly to the Group CEO & Managing Director, Mr Bruce Mathieson Jnr, and will play a critical role in supporting the Company’s financial stability, capital strategy and ongoing transformation activities.”
The company emphasised that his leadership comes at a crucial time as it works to strengthen governance and restore long-term performance following a period of financial distress.
Group CEO & Managing Director Bruce Mathieson Jnr said, “Charlie brings deep financial expertise and global experience at a pivotal time for The Star. His leadership will be instrumental as we continue to stabilise the business, strengthen our governance settings, and position the Company for long-term performance.”
Backing from major shareholders
The leadership reshuffle comes amid significant involvement from the company’s largest shareholders. Bally’s Corporation and the Mathieson family hold stakes of about 38 percent and 23 percent respectively and have played a key role in supporting a rescue of the casino group as it approached bankruptcy.
Bally’s said its investment would allow it to use its experience in turning around struggling businesses, as Star continues to seek refinancing and implement operational restructuring. The company recently reported a fiscal half-year loss of AU$109.7 million (about US$71.3 million) for the period ending 31 December 2025 and has been working to reduce costs by closing its corporate office, cutting jobs and shifting responsibilities.
Senior executives from prospective investor WhiteHawk Capital have visited Star’s casino properties as part of talks related to a refinancing package.
Additional executive appointments
Alongside Diao’s appointment, the company confirmed several additional senior leadership changes, subject to regulatory and ministerial approvals.
The Star said John Koster has commenced as Chief Executive Officer of The Star Sydney, David Whimpey has commenced as Chief Operating Officer and Interim Chief Executive Officer of The Star Brisbane, and Tom Boyd has commenced as Interim Group Chief Legal Officer.
“These appointments bolster The Star’s leadership team across critical operational and corporate functions and reflect the Company’s ongoing commitment to strengthening governance, operational oversight and executive depth.”
Commenting on the broader leadership changes, Mathieson Jnr added, “We are also pleased to welcome John, David and Tom to their respective roles. Together, these appointments enhance the stability and capability of our senior leadership team and support the ongoing transformation of The Star.”
Continuing turnaround efforts
The series of appointments reflects the company’s wider transformation programme following a lifeline investment and ongoing financial pressures. With new leadership drawn partly from Bally’s Corporation, Star is seeking to restore confidence among regulators, investors and stakeholders while positioning itself for sustainable long-term performance.
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