The Star Entertainment Group is preparing to welcome Bally’s takeover, as it will become the majority stakeholder in the company, with the deal set to be finalized by the end...
Star Entertainment plans major job cuts before Bally’s takeover
After facing ongoing financial troubles and tight regulatory scrutiny, Star Entertainment is preparing to cut up to 40 senior jobs as part of a major internal shake-up aimed at reducing costs.
For now, Star awaits approval for a planned takeover by US casino company Bally’s and the Mathieson family, Star’s largest shareholder. According to the Australian Financial Review, final approval for the investment could come as early as this week. Shareholders signed off on the A$300 million deal five months ago, and once regulators give their approval, the new owners will be able to take formal control.
Star CEO Steve McCann informed staff on 10 November that the company is restructuring its organisational structure to improve performance and prepare for the future. He confirmed that some roles would be cut but said Star would also hire in new areas as part of a long-term rebuild. The company did not comment publicly on the changes.
Bally’s chairman, Soo Kim, has previously argued that Star needs new leadership after years of mismanagement. The company’s financial struggles mainly come from repeated breaches of anti-money-laundering and counter-terrorism laws, which led to heavy fines, sanctions, and the suspension of Star Sydney casino license.
The suspension of The Star Entertainment’s casino license for its Gold Coast property has been pushed back until September 30, 2026.
In line with this extension that gives...
