Steve McCann will officially start as Star Entertainment Group’s Managing Director and CEO on Monday after receiving all necessary regulatory approvals.
First named in June as the man to guide Star back to suitability, McCann’s appointment as of 2 December 2024 means Neale O’Connell will cease to be Acting Group CEO and will continue in the role of Interim Group CFO until a permanent Group CFO appointed, according to a Friday filing.
It also empowers McCann, who worked on rival Crown Resorts’ remediation efforts prior to it being bought out by Blackstone, to accelerate his efforts to transform the company – although he has already been front and center of Star’s recent capital raising initiatives.
Only last week, the former Group CEO of construction giant LendLease addressed shareholders at Star’s Annual General Meeting where he conceded the company would continue to bleed cash in the short-term due to the increased cost of necessary compliance measures and the introduction of restrictions that have crippled the premium gaming market.
He has, however, already negotiated with lenders a new AU$100 million debt facility with a second AU$100 million tranche to become available if he can help raise another AU$150 million in subordinated capital, gain regulatory consents and obtain approval for the company’s strategic plan.
Star Chairman Anne Ward said, “I am very pleased to be working closely with Steve McCann and to formally welcome him as Group Chief Executive Officer and Managing Director at this critical time for The Star.”
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