Australia’s Star Entertainment Group is cutting up to 40 senior staff from its books as it looks to cut costs ahead of US casino firm Bally’s Corp officially taking control of the company, according to a report by the Australian Financial Review.
The media outlet also claims that regulators could give Bally’s and investment partner Bruce Mathieson probity approval within days – completing the final hurdle in the AU$300 million rescue package that will give them a combined 61.02% stake in Star.
Star’s Group Managing Director and CEO Steve McCann is said to have distributed a staff memo last week which read, “We continue to navigate financial and environmental challenges while remaining firmly focused on building a stronger, future-ready organisation. To support this, we’ve reviewed our structure to best align with the group and property strategies.
