The Aussie poker player who beat Crown and Star at their own game

Star Entertainment has announced the departure of chief executive Steve McCann with $16 million in pay and cash bonuses just 17 months after he joined the casino operator, which could still collapse as it faces a hefty fine.

The former world series poker player’s exit was widely expected after US casino operator Bally’s Corporation and pokies billionaire Bruce Mathieson tipped in $300 million this year to keep the casino operator afloat and gained control last month.

Steve McCann joined Star last year with a massive pay packet to help rescue the casino operator.Credit: Dominic Lorrimer

Austrac could still trigger a financial collapse when Star’s fine for money-laundering breaches – expected to be as high as $300 million – is revealed next year.

“The strategic investment by Bally’s Corporation and Investment Holdings Pty Ltd provides an opportunity for The Star to move in a new direction and pursue a pathway to recovery and future growth,” McCann said in the ASX statement announcing his departure with immediate effect.

“Now is the right time for new leadership to be put in place with the experience and passion to build on that momentum and take The Star forward.”

McCann will remain available to assist the company with government and regulatory issues until July.

Bruce Mathieson Jnr, who will lead the search for a new CEO as executive chairman, thanked McCann “for his strong leadership and hard work during one of the most complex and challenging periods for The Star”.

Mathieson’s Investment Holdings and Bally’s now own a combined 61 per cent of the casino operator.

Star called in McCann last year after purging its executive team. The NSW regulator lost confidence in their commitment to a culture overhaul after extensive anti-money laundering and counterterrorism failings were revealed in 2021.

Star agreed to pay McCann a $2.5 million annual salary, a $2.5 million sign-on bonus, a $2.5 million retention bonus this year, $2.5 million in short-term incentives for both years and performance rights worth $1 million when they vested last month.

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The short, high-stakes stint at Star was even more lucrative than McCann’s short role at Crown Resorts. He was called in to keep the group afloat in 2021 after the loss of its casino licences amid its own regulatory woes over money-laundering breaches.

The following year, he left Crown with $9 million in salary and bonuses when the group was sold to private equity firm Blackstone for $8.9 billion.

“It has been intense. I am looking forward to a break,” McCann told this masthead soon after his departure from Crown. It clearly wasn’t a long break, as he signed on at Star less than two years later.

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