Here’s why Star Entertainment (ASX:SGR) is in news today

September 27, 2022 11:36 AM AEST | By Ritwika

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Here’s why Star Entertainment (ASX:SGR) is in news today — Image source: © Matveyvideo | Megapixl.com

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Highlights:

Star Entertainment has finally responded to the NSW Independent Casino Commission today regarding the show cause notice under section 23(2) of the Casino Control Act 1992.

The company has accepted the 'unsuitability' report and has assured to take significant steps to address these issues.

As a result, Star Entertainment has laid down a Remediation Plan to sustain the suitability of The Star.

Australian casino operator The Star Entertainment Group Limited (ASX:SGR), on 27 September 2022, has responded to the NSW Independent Casino Commission’s show cause notice under section 23(2) of the Casino Control Act 1992 on behalf of its fully owned subsidiary, The Star Pty Limited.

Star Entertainment Group and The Star have accepted the report prepared by Adam Bell SC which also reflected unsuitability. Both the firms have agreed on the gravity of the conduct, which was raised through Bell’s report. As a result, Star Entertainment has taken ‘significant and urgent’ remedial steps. These steps include compliance and security staff, upgradation of surveillance technology, permanently removing junkets and shutting down the Marquee nightclub.

Star Entertainment also informed that it is committed to taking further ‘necessary and appropriate’ action in future to address the issues raised by Adam Bell.

Meanwhile, shares of The Star Entertainment Group were trading 0.760% up at AU$2.650 per share as of 10:21 AM AEST on ASX today (27 September 2022).

Star Entertainment Group’s remediation plan:

In its update, Star Entertainment Group said that it has developed a ‘comprehensive’ Remediation Plan which will allow a multi-year transformation of governance, accountability and capabilities, culture, and risk and compliance management practices within the organisation.

Changes in Star Entertainment Group’s leadership:

Moving towards the path of suitability, Star Entertainment Group has appointed three new Non-Executive Directors to its board, Michael Issenberg, Anne Ward and David Foster. Furthermore, the company has also recently announced the appointment of Robbie Cooke as the new CEO of the company, which is yet to secure regulatory approval.

In addition to that, Scott Wharton was also recently appointed as the CEO of The Star & Group Head of Transformation.

Moreover, the company has also appointed a new Group Chief Risk Officer, Company Secretary, and acting General Manager Compliance, which is yet to receive regulatory approval.

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