NorthStar Gaming Holdings Inc., a Canadian operator, announced a major leadership shift following the immediate departure of Michael Moskowitz from his roles as chief executive officer and chair of the Board of Directors. The company confirmed the change on December 8, noting that Moskowitz is no longer serving in either position after four years with the organization.
Interim CEO Appointed as Company Realigns Strategy
The Board selected Corey Goodman, who previously oversaw development and legal affairs, to take on the role of interim chief executive. Goodman co-founded NorthStar and has long been involved in guiding its operational approach, including work in online gaming, restructuring efforts, and capital markets. He will now lead the company through a period of reassessment that includes refining expenses, reinforcing internal disciplines, and targeting improvements in revenue and profitability.
Dean MacDonald, a director who has been on the Board since 2023, highlighted Goodman’s longstanding involvement with the business. MacDonald stated in the company’s press release, “Mr. Goodman has been an essential contributor since the founding of the Company,” adding that “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.”
NorthStar has indicated it will continue to update stakeholders as it advances its near-term operational and financial priorities.
Moskowitz’s departure also set in motion adjustments within the Board. MacDonald was named chair, replacing Moskowitz in that position. Another director, Barry Shafran, resigned from the Board at the same time. Shafran previously chaired the Audit Committee. The company noted that it plans to appoint an additional independent director and identify a new Audit Committee chair once the selection process is complete.
The announcement came shortly after NorthStar released its most recent quarterly financial results on November 27. Those figures showed revenue of $6.9 million, a 4% year-over-year increase. Gross margin for the quarter reached $2.4 million, an improvement from $2.1 million the previous year. The company posted $0.2 million in profit before marketing and other expenses, reversing a loss recorded in Q3 2024.
Liquidity Concerns Highlighted in Recent Filings
The company’s financial disclosures earlier in the month signaled potential stress. In its quarterly filing, NorthStar noted that its liquidity levels might fall short of what is needed to support operating costs, including marketing commitments, and to remain in compliance with debt covenants tied to its senior lender. The filing stated, “Based on current forecasts, the company’s cash flow and liquidity position may not be sufficient to fund operating expenditures, including marketing investments, and meet certain debt-related covenants with its senior lender without further action.”
Management emphasized that it had begun discussions with lenders about the risk of breaching those agreements. It also wrote, “A breach could require the company to implement operational adjustments and, if necessary, seek additional debt or equity financing. Management continues to closely monitor the company’s liquidity position to ensure that operating cash flows remain sufficient to support ongoing obligations.”
During Moskowitz’s tenure, NorthStar launched its NorthStar Bets platform in Ontario’s regulated iGaming market in May 2022. The company recently introduced The Boost, an online hub for original casino and sports betting content built from material produced for NorthStar Bets. According to the company, establishing a dedicated site for this content was intended to broaden its reach across search and social channels.
Moskowitz had also previously discussed the company’s intention to expand into Alberta once the province’s regulated market opens, anticipated for 2026.
