The Star to bring in Independent monitor to oversee renewal programme
The company said the voluntary engagement of an independent monitor will facilitate transparent progress reporting to the board and regulatory bodies.
Australia.- The Star Entertainment Group has announced that it has appointed Allen & Overy Consulting to monitor the design and implementation of its renewal programme, which is being led by The Star’s Transformation Office to improve risk, compliance and culture.
The casino operator stated: “The Star makes this appointment ahead of receiving the outcomes of the review of The Star Sydney being undertaken by Mr Adam Bell SC (the report for which is scheduled for delivery to the Independent Liquor & Gaming Authority (ILGA) by 31 August 2022) and the ongoing review of The Star’s casino operations in Queensland being undertaken by Mr Gotterson.”
Meanwhile, Wexted Advisors has been appointed by ILGA as an interim expert advisor to NSW regulators. The Star’s Sydney casino operations will be audited by Wexted Advisors as well as the effectiveness of its governance, systems, supervision, and oversight.
Star Entertainment Groups’ interim chairman Ben Heap said: “We look forward to working with our various regulators and are committed to continuous improvement through our Renewal Program.
“The Renewal Program will deliver immediate and medium-term outcomes focused on governance, culture, training, systems and technology initiatives. This is an important program of work for The Star and early elements of the program are well underway.
“We will report to relevant regulatory authorities on progress transparently, including through the Independent Monitor where that is appropriate.”
The Star expects to post AU$1.53bn in revenue for FY22
The casino operator has said it expects to report revenue of $1.53bn for the year ending June 30.
It revealed that slots revenue was up 28 per cent in the June quarter. Non-gaming revenue was up 26 per cent. Domestic revenue up 11 per cent on pre-pandemic levels to AU$512m. Table revenue has not fully recovered but was within 5 per cent of pre-pandemic levels.
The company said its Gold Coast venue’s domestic revenue was up 48 per cent on pre-pandemic levels thanks to the recovery in domestic tourism and the opening of The Dorsett Gold Coast Hotel and The Star Residences.
However, the casino operator indicated that full-year results will be negatively affected by the first-half net loss associated with property closures, operating restrictions and border closures as well as expenses associated with regulatory reviews. The Star expects to release its full-year results on August 22.
