Steve McCann departs The Star Entertainment Group (ASX: SGR) as CEO and managing director tomorrow. The executive exits after steering Australia’s second-largest casino operator through 17 months of intense financial and regulatory challenges. His departure follows completion of a major ownership transformation.
 
The Star Entertainment CEO departure mirrors McCann’s previous turnaround role at Crown Resorts. The pattern repeats: less than 18 months to navigate a crisis and secure new ownership. Bruce Mathieson Jnr assumes leadership as the Company enters its next phase under majority control.
Second Casino Turnaround in Four Years
Steve McCann formally became CEO on 1 July 2024. He departs after one year and five months with the group. This marks his second casino turnaround in under four years across Australia’s gaming sector.
McCann joined Crown Resorts as CEO in May 2021. He left in September 2022 after Blackstone acquired the Company for AUD 8.9 billion. Before specialising in casino turnarounds, he led Lendlease for over a decade as CEO.
The Star Entertainment CEO Departure: Mathieson Takes Executive Control
Bruce Mathieson Jnr takes on McCann’s duties immediately. The recently appointed chair now serves as executive chair. His expanded role strengthens the Mathieson family’s influence over Australia’s No. 2 casino operator.
Figure 2: Bruce Mathieson Jnr during a public appearance
Mathieson Jnr invested through his vehicle Investment Holdings Pty Ltd. US casino giant Bally’s Corporation partnered in the rescue. Together, they converted a AUD 300 million financial rescue package into equity stakes.
Rescue Loans Transform Into Controlling Stakes
Bally’s Corporation now controls approximately 38% of The Star Entertainment Group. The Mathieson family holds a 23% interest. Their combined ownership reaches 60.86% following equity conversion approvals.
NSW and Queensland regulators approved the ownership transformation. This finalised the rescue package that prevented potential collapse. The Company now operates under fundamentally different ownership compared to McCann’s appointment date.
Steve McCann Exit The Star: Refinancing Achievement Stabilises Business
McCann negotiated the refinancing that converted AUD 300 million in rescue loans to equity. This represented a key feature of his 17-month tenure. The deal secured financial stability for the embattled casino operator.
He oversaw remediation efforts that secured deferrals for casino licence suspensions. Both NSW and Queensland granted these deferrals. While hardly exemplary, the remediation progress prevented immediate operational shutdowns across two states.
The Star Entertainment CEO Departure: Operational Challenges Throughout Term
The Company grappled with leadership volatility at its Gold Coast casino during McCann’s tenure. Stringent regulation created dual challenges for management. Carded play requirements dented revenues significantly.
These regulations likely incentivised gamblers to frequent competing pubs and clubs. Those venues face no similar carded play requirements. The Company struggled to maintain revenue while meeting intensifying compliance demands.
Remuneration Controversy and Resolution
The Star received a first strike on its remuneration report months into McCann’s leadership. Shareholders objected to his compensation structure. The Company admitted the package was “not typical market practice” at that time.
The package was initially valued at AUD 10 million. Share price declines seriously diminished this value as the Company’s finances teetered. McCann’s FY25 remuneration totalled AUD 4.95 million. His performance rights currently hold AUD 1.4 million in value.
Steve McCann The Star Update: Transition Period Extends Through Mid-2026
McCann agreed to remain available until 8 July 2026. He will assist the Company through a handover period. His focus centres on government and regulator interaction during this transition.
The Star will launch a search for a permanent CEO. Mathieson Jnr serves as executive chair during this recruitment period. The Company prioritises finding leadership with experience and passion to drive recovery.
Steve McCann Exit The Star: Workforce and Board Express Gratitude
McCann thanked The Star’s 8,000-strong workforce for its commitment and resilience. He acknowledged their dedication proved central to safeguarding the business. The executive believes the Company is now positioned for its next chapter.
Mathieson Jnr thanked McCann for strong leadership during complex and challenging circumstances. The board credited him with delivering a critical financial reset. They stated he successfully progressed the Remediation Plan.
The Star Entertainment CEO Departure: Board Defence of Appointment Decision
Michael Issenberg, chair of The Star’s culture, people and remuneration committee, defended McCann’s appointment. He stated the CEO demonstrated “commitment and impact” in his first year. This appeared in the FY25 annual report.
Issenberg noted McCann was instrumental in stabilising the group. Securing Bally’s strategic investment highlighted his skills and industry profile. The Star represents Bally’s first investment in the Australian market.
Current Trading Position Reflects Recovery Journey
The Star Entertainment Group shares last traded at AUD 0.105 per share as at 16 December 2025. The Company’s market capitalisation stands at AUD 696.80 million. The 52-week trading range spans AUD 0.080 to AUD 0.210 per share.
The current share price sits near the middle of the annual range. This positioning reflects investor assessment of the Company’s recovery trajectory. Market capitalisation has stabilised following the ownership restructure and rescue package completion.
Also Read: Steadfast Group Announces 2026 Financial Calendar: Key Dates Investors Must Know
FAQs
Q1: When does Steve McCann leave The Star Entertainment?
Steve McCann departs as CEO and managing director on 17 December 2025. He remains available to assist with government and regulator interaction until 8 July 2026.
Q2: Who replaces Steve McCann at The Star Entertainment?
Bruce Mathieson Jnr, the recently appointed chair, assumes McCann’s duties as executive chair. The Company will launch a search for a permanent CEO.
Q3: How long did Steve McCann serve as The Star Entertainment CEO?
Steve McCann served as CEO for one year and five months. He formally became CEO on 1 July 2024.
Q4: What is the ownership structure of The Star Entertainment after the rescue?
Bally’s Corporation controls approximately 38% and the Mathieson family holds 23%. Their combined stake reaches 60.86% of The Star Entertainment Group.
