The Star Entertainment Group has granted more than 3.3 million performance rights to The Star Sydney Chief Executive Officer John Koster under its long-term employee incentive scheme, according to a filing lodged with the Australian Securities Exchange (ASX).
The casino operator issued 3,377,031 unquoted performance rights to Koster under ASX code SGRAK. The grant forms part of The Star’s Long Term Performance Plan and is tied to future performance targets.
Performance rights linked to long-term targets
According to the filing, each performance right gives Koster the opportunity to receive one fully paid ordinary share in The Star Entertainment Group, subject to the terms and conditions of the award.
The company said the grant has a three-year performance period, with testing scheduled three years from the effective grant date of 3 October 2025. The rights will only convert into ordinary shares if the relevant performance requirements are met.
Long-term incentive plans are commonly used by listed companies to align executive rewards with business performance and shareholder interests over an extended period.
Following the latest grant, The Star now has a total of 17,499,945 unquoted performance rights on issue. The company also reported having 6,636,202,776 quoted ordinary fully paid shares on issue.
Koster took charge of The Star Sydney in March
Koster joined The Star Sydney as chief executive in March this year, bringing several decades of experience in the casino and hospitality sectors.
Before joining The Star, he served as vice president and general manager of Bally’s Lake Tahoe in the United States. He has also held senior leadership positions with Caesars Entertainment and Sheraton Hotels & Resorts.
His appointment came during a challenging period for The Star as the company continues efforts to strengthen its operations and improve financial performance across its business.
Company continues financial recovery efforts
The performance rights grant comes as The Star works to stabilise its business following a difficult period marked by regulatory scrutiny and financial pressure.
For the quarter ended 31 March 2026, The Star reported earnings before interest, tax, depreciation and amortisation (EBITDA) losses of AU$1 million (US$720,000).
While the company remained in negative territory, the result represented a significant improvement from the same period a year earlier. The Star said EBITDA losses narrowed by 96 per cent year-on-year, reflecting progress in its cost management and operational initiatives.
The group has been pursuing measures aimed at improving cash flow, strengthening governance and supporting long-term sustainability across its casino and entertainment operations.
Focus on Long-Term Performance
The latest award highlights The Star’s continued use of equity-based incentives to retain key executives and link remuneration to future company performance.
By tying a substantial portion of executive rewards to long-term outcomes, the company aims to encourage sustained operational improvements and value creation over the coming years.
The performance rights granted to Koster will remain subject to the conditions of The Star’s Long Term Performance Plan and the achievement of performance hurdles during the three-year assessment period.
As The Star continues its recovery efforts, investors will be watching closely to see whether the company’s operational improvements translate into stronger financial results and support the vesting of executive incentive awards in the years ahead.
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