On 25 November 2025, The Star Entertainment Group held its Annual General Meeting to update shareholders on governance, financial and operational matters.
Investment update
Indeed, Star's AGM provided an update on the AU$300m investment from Bally's Corporation and Investment Holdings, confirming that regulatory approvals have been received and the conversion of notes into ordinary shares is now underway.
The investment was structured as convertible notes, intended to provide capital to support the Group's financial position and allow the noteholders to convert into ordinary shares at a later stage.
Regulatory approvals and the necessary notes are being converted into shares, after which Bally's will hold 38%, Investment Holdings 23%, together forming a 61% majority, with Bally's entitled to appoint two directors to the Board.
DBC exit status
Also discussed was the exit from the Destination Brisbane Consortium (DBC), with the CEO Steve McCann confirming it is unlikely to be completed by the original 30 November 2025 sunset date and that an extension of the refinancing deadline is being negotiated.
The company is now in talks with its joint venture partners to extend the refinancing deadline for DBC debt to 31 March 2026.
Until that extension is finalised and the transaction is completed, The Star's exposure under the parent company guarantee remains in place. McCann emphasised that both The Star and its joint venture partners remain committed to completing the DBC exit.
Board changes
The 2025 Annual General Meeting of The Star also addressed board changes and governance updates.
Shareholders re-elected Anne Ward as a director with 96.00% of votes in favour and elected Bruce Mathieson Jr as a director with 99.66% support.
This comes following Don Pasquariello's appointment as a Non-Executive Director bringing over 40 years of audit, risk management and governance experience.
In addition, updates were made to the Property Boards overseeing The Star Sydney, Gold Coast and Brisbane casinos. New directors, including Helen Galloway, Heather Scheibenstock, Andrew Jolliffe, Bronwyn Morris, Jennifer Cronin and Curt Schatz, have been appointed.
Bruce Mathieson Jr joins as a non-executive director representing Investment Holdings, bringing over 30 years of experience in hospitality and gaming.
The AGM also confirmed the planned retirement of Anne Ward once the conversion of strategic investment notes is completed and relevant appointments are made.
Future outlook
The Star's future focus remains on advancing remediation to restore licence suitability, managing the extended Sydney and Gold Coast licences and maintaining financial stability through liquidity monitoring and cost reductions following Q1 FY26 results that showed AU$284m in revenue, a 5% increase from the previous quarter.
CEO comments
McCann stated: "Despite the progress that has been made there still remains material uncertainty regarding the Group's ability to continue as a going concern.
"This was highlighted in the Company's FY25 Financial Statements and there are a number of interdependent events that are critical to the Group's ongoing liquidity and financial position.
"The successful execution of our priorities requires continued support from a range of stakeholders including governments, regulators, lenders and investors."
The Star's deal AU$300m investment deal with Bally's was originally approved by shareholders at a general meeting in June 2025
