Steve McCann, the CEO of Star Entertainment Group, has announced that he will leave his position on December 16th, 2025.
While the organisation looks for a permanent replacement, Star Entertainment Group chair Bruce Mathieson Jr. will take on additional responsibilities as Executive Chair.
Up until July 8th, 2026, McCann will continue to be available to support the business during a handover period centred on interactions with the government and regulators.
According to Mathieson, McCann joined the company during a crisis and helped deliver what the board refers to as a critical financial reset while advancing the company’s Remediation Plan.
Regulatory Approval Secured for Bally’s Takeover Deal
The resignation follows Star’s $300m (£223m) acquisition by US gaming behemoth Bally’s Corporation and local publicist Bruce Mathieson, which was approved by the NSW Independent Casino Commission (NICC) and the Queensland Office of Liquor and Gaming Regulation.
Due to severe financial strain, the company first received the takeover offer in March 2025; it accepted it in April and received shareholder approval in June.
Star can now convert the $300m (£223m) investment into equity and add nominee directors to its board, thanks to regulatory approval.
For the fiscal year 2025, Star recorded a $471.5m (£351.9m) loss and a revenue decline of more than 29% year over year to $1.19bn (£888m).
Its share price fell more than 50% in 2025 and roughly 98% from its peak in February 2018, but it increased more than 22% after regulatory approval was announced.
As the transition moves forward, Bally’s and Investment Holdings have both promised regulators that it will carry out Star’s crucial remediation work.
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