Canadian gaming operator NorthStar Gaming announced on Monday that CEO, Chair and Founding Partner Michael Moskowitz has left the company.
In a short statement, the company said that Moskowitz is no longer its chief executive or the chair of its board of directors. The former CEO and Chair of Panasonic North America had been NorthStar CEO since 2021 and led the company through the launch of NorthStar Bets in Ontario’s regulated iGaming market in 2022.
No reasoning was given for Moskowitz’s departure. In his place, Co-Founder, Chief Development Officer and General Counsel Corey Goodman will serve as interim CEO, while Dean MacDonald, a board member since 2023, has been appointed as chair.
NorthStar noted that Goodman has extensive experience in online gaming, operational realignment, corporate restructuring and capital markets.
“Mr. Goodman has been an essential contributor since the founding of the Company,” said MacDonald. “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.”
Moskowitz isn’t the only departure. Director Barry Shafran has resigned from the board, having previously served as chair of the Audit Committee.
NorthStar will announce a new independent director and a new Audit Committee chair once the board has finalized its selection.
NorthStar warned of liquidity and debt risk
NorthStar Gaming owns and operates the NorthStar Bets casino and sportsbook platform. Outside of Canada’s only regulated commercial iGaming province of Ontario, it provides managed services to the NorthStarBets.com iGaming site owned and operated by the Conseil des Abénakis de Wôlinak and licensed by the Kahnawake Gaming Commission.
NorthStar reported at the end of November that it made a profit before marketing expenses of $0.2 million in Q3 2025 compared to a loss of half a million in the same quarter last year. Its revenue and gross margin ticked up slightly in the quarter of the calendar year, and for the nine months ended Sept. 30, revenue is 17% ahead of 2024 at $23.3 million.
However, it continues to operate at a significant net loss. It posted a net loss of $4.1 million for Q3, up from $3.7 million this time last year. For the nine months ended Sept. 30, the net loss was $13.7 million, although that was a small improvement compared to $15.6 million during the same period in 2024.
That financial update included a warning that current forecasts suggest that the company’s cash flow and liquidity position may not be enough to fund its operating and marketing expenses while also meeting all of its debt agreements. It warned that there is a risk that the company could breach certain debt-related requirements, and that the firm may need to make operational adjustments or take on additional debt or equity financing.
Perhaps reflecting that, NorthStar said in its leadership change announcement that Goodman will work closely with the board to guide the company’s work to refine its cost structure, enhance operational discipline and drive improvement efforts in respect of both revenue and profitability.
Focusing on high-value players and rest of Canada
As CEO and Chair, Moskowitz said last month that the operator has adjusted its strategy to focus on prudently spending to attract high-value and VIP players, who drive a disproportionate amount of the company’s revenue.
He also had his eyes firmly on making an impact in Alberta, which is expected to launch regulated iGaming sometime in 2026. Moskowitz said in August that a regulated Alberta market was “the key attribute” for NorthStar’s hopes for growth outside Ontario.
