Star Entertainment has appointed new financial advisers following the arrival of its largest shareholder, with MA Moelis Australia taking over from long-term adviser UBS. The move follows significant ownership and leadership changes at the embattled casino operator, as reported by The Australian Financial Review.
The shift comes after the Mathieson family and United States casino group Bally’s Corporation secured a controlling 37.8% stake in the company in December. MA Moelis, which advised Bally’s during its entry into Star, has now been elevated to the role of Star’s primary financial adviser. The firm’s restructuring team, already engaged in major mandates at Healthscope and Bingo Industries, will lead the new advisory effort.
Bally’s secured approval from regulators in New South Wales and Queensland in November to inject AU$300m in equity and overhaul Star’s board. The change in ownership quickly translated into executive restructuring. Chief Executive Steve McCann, appointed in 2024 to tackle Star’s debt and regulatory breaches, resigned soon after Bally’s investment. He has been replaced by Bruce Mathieson Jr, whose family already holds a 23.16% stake.
MA Moelis is expected to prioritise a review of Star’s refinancing needs. Before the advisory transition, UBS had begun preparations for a data room linked to a refinancing of Star’s debt facilities. The operator currently carries AU$345.9m in borrowings under a syndicated facility due to mature in December 2027, adding pressure to stabilise its capital structure.
The adviser reshuffle reflects the broader strategic reset underway at Star as Bally’s moves to consolidate its influence, reshape governance, and restore financial stability following years of regulatory scrutiny.
Star holds AU$345.9m (US$227m) in borrowings due to mature in December 2027
