On Wednesday (31 July), the NSW Independent Casino Commission (NICC) announced that it had received the Bell Report regarding the suitability of Star Sydney to retain its licence. The same day, Star Entertainment announced the resignation of its chief risk officer.
In its update on Wednesday, the NICC said that it will “consider the contents of the report before it is made public”. Its response to the recommendations in the report, the regulator said, “will be communicated in due course”.
The inquiry, dubbed Bell Two, was launched in February. It stemmed from a perceived lack of remediation progress from the first Bell inquiry in 2022. At that time, Star was deemed unfit to hold its NSW licence. Star Sydney has since been under the supervision of a state-appointed manager – Nick Weeks. Weeks’ term has been extended multiple times and currently runs through September.
Star’s former chairman David Foster and former CEO Robbie Cooke have both left since Bell Two was launched. Public hearings throughout the spring unearthed several compliance issues and a hostile relationship between Star and the NICC. In its closing remarks at the hearing, the company asked for a third chance at suitability and a further extension for Weeks.
In June, Star appointed Steve McCann as CEO and managing director in hopes of bolstering its chances at redemption. The respected executive helped guide Star’s rival Crown Resorts through its sale to Blackstone Group in 2022.
As it stands, the NICC could grant Star another opportunity to right itself. It could also revoke the licence, which would open up a host of other possibilities.
Saunders departs on the day Bell Report is submitted
In an Australian Securities Exchange (ASX) filing on Wednesday, Star announced that Scott Saunders, the company’s chief risk officer, had resigned. Saunders, who was appointed to the role in February 2023, will stay on through 31 January 2025.
“I want to thank Scott for his dedication and commitment to The Star during a difficult and transformative period and wish him well in his future endeavours,” acting CEO Neale O’Connell wrote in the filing.
Saunders’ exit is the latest in what has been a C-suite carousel for the beleaguered operator over the last three years. In addition to Foster and Cooke, the company has also lost former CFO Christina Katsibouba, Gold Coast CEO Jessica Mellor, chief customer officer George Hughes and several others.
