Australia’s Star Entertainment Group has elected Investment Holdings founder Bruce Mathieson Jr as its new chairman, with Bally’s Soo Kim and George Papanier joining the company’s board as nominees.
The appointments follow recent approvals from state regulators to enable the conversion of Bally’s and Investment Holdings’ A$300 million investment in Star Entertainment into equity.
At a recent Board meeting, Mathieson Jr was elected as Star Entertainment’s new chairman. He replaces Anne Ward, who has resigned as a director, alongside non-executive director Deborah Page.
In addition, Peter Hodgson has been appointed as interim chair of the company’s Audit Committee, and Eirene Garnsey has been appointed as an additional company secretary.
Kim and Papanier were appointed to the Board of Star Entertainment as nominees of Bally’s Corporation.
“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 Star Entertainment group CEO and managing director Steve McCann. “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.”
The investment by Bally’s and Investment Holdings was agreed in April and is convertible into shares representing 56.7 per cent of the issued capital of Star Entertainment Group on a fully diluted basis.
Shares in Star Entertainment Group Limited (ASX:SGR) closed 4.76 per cent lower at A$0.10 per share in Sydney Wednesday.