Yesterday, more than 99 per cent of The Star’s shareholders voted in favour of the two resolutions which will mean The Star is more than 50 per cent owned by two companies – the US Bally’s Corporation and the Australian Investment Holdings.
Together the two companies have committed to handing over $300 million to prop up The Star, which has been warning of dire liquidity issues all year.
In return for their investments – $200 million from Bally’s and $100 million from Investment Holdings – the pair will collectively own approximately 61 per cent of the integrated resort operator, including the 10.01 per cent share Investment Holdings already held.
Prior to yesterday’s vote, The Star’s board of directors had unanimously recommended that shareholders accept the acquisitions by Bally’s and Investment Holdings.
This week The Star also announced several appointments, including an interim CEO for The Star Gold Coast, after the property’s previous CEO, Mark Mackay, resigned in December, just over three months into the role.
Jennifer Cronin has been appointed interim CEO of The Star Gold Coast, pending regulatory approval. Cronin will be in the role for up to a year as The Star looks for a permanent leader on the Gold Coast.
Cronin, who is also joining The Star Gold Coast’s board, has extensive experience in hotels, having held positions with Asian hotel group Wharf Hotels and Thai hotel group Dusit Hotels and Resorts, as well as Hyatt and The Ritz-Carlton.
Meanwhile Accor’s former Pacific CEO, Sarah Derry, is The Star’s new chief people officer, going full-time with the organisation on July 1, after joining The Star at the end of March.
The Star has also appointed Helen Galloway as chair of The Star Sydney’s board for a three-year term. Galloway’s appointment remains subject to regulatory and ministerial approval.
