Thoroughbred industry identity Steve McCann, a partner in Vinery Stud and chairman of Kia Ora Stud, has been appointed as the new chief executive of embattled The Star Entertainment Group.
McCann, who was previously chief executive of Crown Resorts and real estate development business Lendlease, will join Star in July as the company on a $2.5 million sign-on bonus plus a $2.5 million annual salary.
He will earn his money, as Star fights for its right to retain is current casino licence in Sydney amid an NSW Independent Casino Commission enquiry which prompted the resignation of former CEO Robbie Cooke.
McCann helped Crown negotiate its own troubles when he joined as CEO in June 2021, as a royal commission was held into its operations. He then negotiated the casino group’s privatisation to Blackstone the following year.
Star will be hoping he can be a similar tonic for their current troubles, which include a share price which has plummeted from a height of $3.76 in 2021 to 46c amid a slew of scandals.
"Following a comprehensive search process, the Board is very pleased to have secured a CEO of Steve's calibre, experience and respect in the market,” Anne Ward, Chairman of The Star, said.
“Given his time with Crown, and previous long-standing leadership at Lendlease, he has the right credentials to lead The Star's remediation program.
“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."
McCann said it was an important time to join Star and restore confidence in the company, which operates casinos in Sydney, Gold Coast and Brisbane.
"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."
McCann has been a long-term partner in Vinery Stud and became chairman of Kia Ora Stud early last year when the neighbouring farm were merged, after Kia Ora principle Ananda Krishnan came into the Vinery partnership.
He also has significant ownership and breeding interests through his Encompass Bloodstock and holds a slot in The Everest along with Max Whitby, Neil Werrett and Colin Madden.
Interestingly, his new employer also has a slot in The Everest and is in the last year of a four-year agreement with Arrowfield to share that slot.
