Casino group boss cashes in his chips after 18 months
Star Entertainment's CEO, Steve McCann, is departing after 18 months amid ongoing challenges from money laundering scandals and financial penalties.Summary
Star Entertainment is seeking a new CEO as Steve McCann steps down after less than 18 months in the role. McCann’s departure follows a period of significant turmoil for the casino group, including licence suspensions and a $400 million fine from AUSTRAC related to money laundering failures. Bruce Mathieson Jnr, the current chair, will assume the role of executive chair temporarily. The move coincides with a recent $300 million investment from Bally's Corp and Investment Holdings, intended to provide a new strategic direction for Star. McCann stated that now is the appropriate time for new leadership to build on recent momentum, while Mathieson thanked him for his leadership during a “complex and challenging period.” McCann will assist with government and regulator matters until July 8th. Despite past scandals, investors reacted positively to the news, increasing Star shares by 2.4%.
(Source：PerthNow)