Join our daily newsletter At The Bell to receive exclusive market insights
Star Entertainment Group Ltd (ASX:SGR) has appointed Steve McCann – former chief executive officer and managing director of Crown Resorts Ltd – to the same positions, as the company seeks to rebound in the wake of New South Wales state government’s investigations into the company.
Mr McCann – who will join the company on July 8 – also spent a decade as Group CEO of real estate group Lendlease Corporation Ltd, but it is his experience reshaping the corporate culture of Crown which has been underscored as relevant for Star.
Casino operator Star runs the Queen’s Wharf and Treasury Casino in Brisbane, as well as flagship property The Star in Sydney, and another of the same name on the Gold Coast, and has been subject to an ongoing inquiry into casino licences announced in February.
Last month, the company also fielded discussions about potential buyout, with shares rising 23 percent on this news, as Florida-based Hard Rock in particular expressed its interest.
Company chairman Anne Ward – who was appointed in April – said it was a positive step to have someone of Mr McCann’s experience and respect onboard.
“Given his time with Crown, and previous long-standing leadership at Lendlease, he has the right credentials to lead The Star’s remediation program,” she said.
“His track record reflects his capability to work collaboratively with multiple stakeholders and lead meaningful transformational change and cultural renewal.
“This experience will be invaluable as we work towards rebuilding trust and expediting the sustainable transformation of The Star.”
Steve McCann said he was pleased with the appointment.
“I look forward to joining The Star at this critical time. I recognise that there are many
complex issues and challenges for the company to address,” he said.
“I am committed to working with the Board and the various stakeholders to help drive change, restore confidence and achieve a sustainable resolution.”
Star has been trading up nearly 2 percent at 47 cents.
-1200x645-380x200.jpg)
-1200x645-380x200.jpg)