Latest news with #ex-KPMG
Sky News AU
2 days ago
- Business
- Sky News AU
Star Entertainment Group announces new appointments as it looks to rebuild under Bally's Corporation ownership
Star Entertainment Group has gone on a hiring spree as the embattled casino operator gears up for a major rebuild after years of scandals and financial woes. Helen Galloway, a director of Hockey Australia and chair of Bank of us, has been appointed the independent chair of The Star Sydney as the casino operator looks to implement a new governance framework and decentralise to its three properties in NSW and Queensland. Ms Galloway's appointment is part of a raft of changes Star announced in November in agreement with regulators and gaming commissions in both NSW and Queensland. The company has also appointed hospitality veteran Jennifer Cronin as interim CEO of The Star Gold Coast alongside Patrick McGlinchey as Star's group chief legal officer, ex-KPMG's Rowena Craze as the group chief risk officer, Sarah Derry as chief people officer and Peter Meliniotis as group chief information officer. Star's CEO Steve McCann said the appointments were critical to the casino operator as it rebuilds. 'I am pleased to finalise these key appointments for the Star,' Mr McCann told shareholders. 'These appointments add to the depth of experience and talent at the board and executive level and are a key step in the Star's progress to suitability.' Star's appointments come after it signed a $300m takeover deal with US gaming giant Bally's Corporation as it was teetering on the brink of collapse for months. The company was forced into a trading halt earlier this year after it failed to publish its financial results by its deadline due to its dire position. It was finally able to publish its results after receiving the offer from Bally's Corporation and publican billionaire Bruce Mathieson that injected $100m of short-term cash into Star. Star in April revealed revenue was down more than 16 per cent for the first half of the 2025 financial year. It also reported a $21m loss for the first three months of this year as dwindling visitor numbers, gaming restrictions and ex-Tropical Cyclone Alfred plagued the embattled casino operator. Star revealed revenue for the third quarter of the 2025 financial year was down nine per cent from the December quarter to $271m – a 35 per cent year-on-year fall. Its earnings before interest, taxation, depreciation and amortisation – which measures the business' core profitability – was down to a $21m loss from an $8m drop in the previous quarter. The company is also likely to face a $400m fine from the financial crimes agency Austrac over money laundering breaches over several years and will come under further restrictions to crack down on illegal activities.
Bloomberg
03-03-2025
- Business
- Bloomberg
Bankers See Europe IPOs Ramping Up After Slow Start, Survey Says
Europe's initial public offering market is expected to accelerate later in the year after a slow start, led by German listings, according to survey of equity capital market bankers by IPO advisory firm Queens Lane. The new outfit, helmed by ex-KPMG advisers Aadam Brown and Kane Blackburn, recently surveyed 43 ECM bankers at 30 banks including Goldman Sachs Group Inc. and Morgan Stanley. About 70% of those surveyed see interest and momentum in European IPO activity slightly increasing in 2025, while 12% said the level of interest will rise strongly.
