The former chairman of Tourism Australia and current director of hotels group TFE Hotels, Michael Issenberg, will step down from the board of Australian casino operator Star Entertainment Group.
Star revealed via a Friday filing that Issenberg, who joined the board as a non-executive director in July 2022 during a period of mass boardroom upheaval, does not intent to stand for re-election at the company’s 2025 Annual General Meeting and would retire at the end of the AGM.
Conversely, the company said it has now received all regulatory and ministerial approvals for Bruce Mathieson Jr – the son of Investment Holdings Pty Ltd’s Bruce Mathieson who recently partnered with Bally’s to claim a majority stake in Star.
As reported by Inside Asian Gaming, Star shareholders recently approved a AU$300 million rescue package from Bally’s and Investment Holdings although the NSW Independent Casino Commission (NICC) has yet to green light the deal. Should it proceed, the combined holdings of Bally’s and Investment Holdings would climb to around 61% with Investment Holdings owning 23%.
Star chairperson Anne Ward said, “On behalf of the Board, I would like to thank Michael for his significant contribution as a non-executive Director of The Star over his 3 years with The Star, including his roles as Chair of the Culture, People and Remuneration Committee, a Member of The Star Audit Committee and Chair of The Star Brisbane.
“I look forward to acknowledging Michael’s contribution to The Star at the AGM. The Board wishes Michael well in his future endeavours.
“I would also like to welcome Bruce Mathieson Jnr to the Board and look forward to working with him as we shape the future of The Star.”
Star recently released its FY25 financial results, which included an AU$471.5 million (US$308 million) loss. The company said its poor performance reflected challenging trading conditions due to regulatory reforms including mandatory carded play and cash limits at The Star Sydney, plus implementation of its remediation program and loss of market share.
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