The Star appoints Scott Saunders as chief risk officer
Saunders has previously served in various positions at Westpac.
Australia.- The Star Entertainment Group has announced through a company filing that it has appointed Scott Saunders as chief risk officer. The appointment remains subject to regulatory approval, but Saunders has already started in the role.
Group CEO and managing director Robbie Cooke said Saunders will “play an integral role in returning The Star to suitability and earning back the trusts and confidence of our regulators and other stakeholders”.
Saunders previously served as general manager, financial crime and chief compliance officer at the Australian banking group Westpac. Prior to that, he worked in compliance at the Macquarie Group.
The Star has forecast underlying EBITDA of AU$195m (US$134.83m) to AU$205m (US$141.74m) for the first fiscal half of 2023. The company said Star Sydney saw a decline in domestic revenue of 13.5 per cent compared to pre-Covid-19 levels, taking total company revenue down 1 per cent when compared to 2019.
According to the casino operator, the trading performance of The Star Sydney has been negatively affected by stricter operating restrictions since mid-September as a result of the Adam Bell SC’s inquiry and changes to the NSW Casino Control Act.
The Star is facing several lawsuits over alleged misrepresentations concerning its anti-money laundering compliance measures. Last week, the law firm Phi Finney McDonald filed a securities class action lawsuit against it in the Supreme Court of Victoria.