The shake-up of the executive team at Star Entertainment is continuing with the Chief Financial Officer (CFO) and Group Chief Operating Officer (COO) resigning.
The embattled casino and resorts group said CFO Frank Krile would be leaving effective 29 December, while COO Jeannie Mok would exit at the end of January 2026.
This followed Soo Kim’s appointment earlier this month as Chair to replace Bruce Mathieson Junior, who in turn had replaced Steve McCann as Group CEO and Managing Director.
"I would like to thank Frank and Jeannie for their significant contribution to the business and particularly their assistance in progressing our remediation plan. I wish them both well in their future endeavours,” Mathieson said in an ASX announcement.
Shares in Star have lost 97% of their value over the last eight years due to deep operating losses, heavy regulatory penalties and investigations, liquidity challenges, strategic setbacks and leadership turnover.
The company was rescued from the brink of insolvency by capital injections of A$200 million (US$149 million) by Bally's Corporation and $100 million from hotel industry billionaire Bruce Mathieson’s Investment Holdings earlier this year.
Bally’s will own up to 53.7% and Mathieson up to 10.1% of Star if all of their Star convertible notes are converted into shares.
Star is also selling its 50% stake in its Star Brisbane casino and resort to its joint venture partners Chow Tai Fook Enterprises and Far East Consortium International.
The company retains The Star Sydney and Gold Coast casinos and resorts.
The shares (ASX: SGP) last traded at 15 cents, which capitalises the company at $995 million.
