The Star Entertainment appoints new non-executive director
The Star Entertainment Group Limited has officially appointed Bruce Mathieson Jnr as a Non-Executive Director, effective immediately, after receiving all required regulatory and ministerial approvals. His appointment, first proposed in August 2025, comes at a critical time for the company as it continues to reform governance practices and stabilise its finances.
Board reshuffle at The Star
The announcement follows the decision of Michael Issenberg, an independent non-executive director since July 2022, to step down from the board after the company’s Annual General Meeting (AGM) later this year.
Anne Ward, Chairman of The Star, acknowledged Issenberg’s contributions and welcomed Mathieson Jnr to the board. “On behalf of the Board, I would like to thank Michael for his significant contribution as a non-executive Director of The Star over his three years with The Star, including his roles as Chair of the Culture, People and Remuneration Committee, a Member of The Star Audit Committee, and Chair of The Star Brisbane,” Ward said.
She added, “I would also like to welcome Bruce Mathieson Jnr. to the Board and look forward to working with him as we shape the future of The Star.”
The change marks another phase in The Star’s broader governance and leadership renewal, as the company works to restore regulatory and investor confidence following multiple inquiries into its operations in New South Wales and Queensland.
Governance reform amid regulatory scrutiny
Mathieson Jnr’s appointment comes at a crucial time for The Star, which is working to improve its business and win back the trust of regulators and investors.
The New South Wales Independent Casino Commission (NICC) has confirmed that The Star Sydney will stay closed until 31 March 2026. An independent manager will remain in charge of The Star’s day-to-day operations. In Queensland, regulators have likewise extended the special management arrangement for The Star Gold Coast until the same date, ensuring both venues remain under close and ongoing scrutiny.
The group’s Approved Remediation Plan, which authorities approved in June 2025, focuses on improving compliance systems, corporate governance, and safer gambling practices in order to achieve suitability conditions for licence restoration.
Financial performance and restructuring
The board changes follow the release of The Star’s audited financial report for FY2025, which revealed ongoing challenges but signs of gradual improvement.
For the year ended 30 June 2025, the group reported a 29.2 percent year-on-year revenue decline to AU$1.19 billion ($760 million), primarily driven by reduced gaming activity, regulatory reforms, and lower visitation levels. However, statutory net loss after tax improved to AU$427.9 million ($279.3 million), compared to a loss of AU$1.68 billion ($1.1 billion) the previous year.
The company also secured key liquidity relief measures, including a covenant waiver under its syndicated loan facility agreement, finalised on 30 September 2025. The waiver allowed The Star to sidestep possible breaches that might have impacted cash flow or led to repayment requirements.
Despite cost-cutting measures saving around AU$100 million ($65.23 million), The Star’s cash balance stood at AU$189 million ($123.3 million) as of late August 2025, highlighting ongoing financial pressure.
Bally’s investment and Mathieson family ties
The Star’s financial position strengthened in FY2025 following a strategic investment agreement with Bally’s Corporation, which contributed AU$300 million (around $190 million) to the company. Following this, the company’s net loss decreased by about AU$1.2 billion ($760 million) from the prior year because to this growth.
Industry observers have noted that the Mathieson family, which previously supported the Bally’s deal, could play a growing role in The Star’s debt recovery strategy.
The group also confirmed that JPMorgan Chase & Co and its affiliates ceased to be substantial shareholders in September 2025, reflecting the company’s changing shareholder structure amid its restructuring phase.
Legal and regulatory challenges continue
The Star is still under pressure from continuing investigations and legal activities. The corporation might face a civil penalty of more than AU$400 million ($260.9 million) from AUSTRAC over alleged anti-money laundering and compliance violations. It is also defending a shareholder class action in Victoria over claims of disclosure failures and is in dispute with the Australian Taxation Office regarding AU$155 million ($101 million) in GST assessments.
While the company has provisioned for some of these risks, it warned of continued “uncertainty” around the timing and scale of penalties.
A turning point for The Star
The appointment of Mathieson Jnr signals a renewed effort to strengthen leadership and rebuild stakeholder confidence as the company works through a period of transition and regulatory repair.
With the company focused on renewing casino licences, completing asset sales, and simplifying its Queensland operations, this leadership change is an important part of its journey back to stability.
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