Canadian iGaming operator NorthStar Gaming has announced a significant leadership transition with the immediate departure of its Chief Executive Officer and Chair, Michael Moskowitz.
The announcement comes at a critical juncture for the company, which is currently navigating complex financial waters. In the wake of Moskowitz’s exit, the operator has appointed Corey Goodman as the interim CEO.
Goodman, who has served as the company’s Chief Development Officer and General Counsel, is expected to steer the company through this transitional period.
While specific details regarding the departure were not disclosed, the move coincides with a recent trading update that highlighted potential liquidity issues.
NorthStar has indicated that its continued revenue growth relies heavily on maintaining adequate liquidity to fund marketing and customer acquisition efforts.
Current forecasts suggest that cash flow “may not be sufficient” without strategic adjustments. The company has acknowledged the risk of breaching certain debt-related covenants and has initiated discussions with lenders to address these concerns.
To bolster governance during this time, Dean MacDonald, a member of the Board of Directors since 2023, has been appointed as the new Chair of the Board.
The management team has developed a cash flow forecast extending to December 2026, which they believe will allow the company to meet its obligations.
However, they remain vigilant, noting that a breach in covenants could necessitate operational restructuring or the pursuit of additional debt or equity financing.
The focus now shifts to Goodman and the board to stabilize the ship and position NorthStar for long-term sustainability.
Dean MacDonald, Chair of the Board at NorthStar Gaming:
“Mr. Goodman has been an essential contributor since the founding of the company. The board has full confidence in his leadership and his deep knowledge of our business. His balanced and disciplined approach will help ensure continuity while we focus on strengthening performance and positioning NorthStar for long-term growth.”
