The company said the voluntary engagement of an independent monitor will facilitate transparent progress reporting to the board and regulatory bodies.<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0The Star Entertainment Group\u00a0<\/strong>has announced that it has appointed\u00a0Allen & Overy Consulting<\/strong>\u00a0to monitor the design and implementation of its renewal programme, which is being led by The Star\u2019s Transformation Office to improve risk, compliance and culture.\u00a0<\/p>\n\n\n\n The casino operator stated: “The Star makes this appointment ahead of receiving the outcomes of the review of\u00a0The Star Sydney<\/a>\u00a0being 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\u2019s casino operations in Queensland<\/a>\u00a0being undertaken by Mr Gotterson.”<\/p>\n\n\n\n Meanwhile,\u00a0Wexted Advisors has been appointed by ILGA<\/strong>\u00a0as 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.\u00a0<\/p>\n\n\n\n Star Entertainment Groups’ interim chairman Ben Heap<\/strong> said: \u201cWe look forward to working with our various regulators and are committed to continuous improvement through our Renewal Program.<\/p>\n\n\n\n \u201cThe Renewal Program will deliver immediate and medium-term outcomes focused on governance, culture, training, systems and technology initiatives.\u00a0This is an important program of work for The Star and early elements of the program are well underway.\u00a0<\/p>\n\n\n\n \u201cWe will report to relevant regulatory authorities on progress transparently, including through the Independent Monitor where that is appropriate.\u201d <\/p>\n\n\n\n The casino operator has said it expects to report revenue of $1.53bn for the year ending June 30.<\/p>\n\n\n\n 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. <\/p>\n\n\n\n The company said its Gold Coast venue\u2019s 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.<\/p>\n\n\n\n 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<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":" The company said the voluntary engagement of an independent monitor will facilitate transparent progress reporting to the board and regulatory bodies.<\/p>\n","protected":false},"author":176,"featured_media":26456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group has appointed independent monitors, Allen & Overy Consulting and Wexted Advisors, to oversee its \"Renewal Programme\" focused on improving risk, compliance, and culture, ahead of critical regulatory review outcomes in NSW and Queensland. Concurrently, the casino operator projects AU$1.53bn in FY22 revenue, noting strong domestic and slots performance, though full-year results will be impacted by prior property closures and regulatory expenses.","focusai_entities":"The Star Entertainment Group, Allen & Overy Consulting, Wexted Advisors, Mr Adam Bell SC, Mr Gotterson, Independent Liquor & Gaming Authority (ILGA), Ben Heap","focusai_location":"Australia, Sydney, Queensland, Gold Coast, NSW","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Regulatory Impact on Valuation","query":"How might the ongoing regulatory reviews and the costs associated with the \"Renewal Programme\" impact The Star Entertainment Group's long-term valuation and capital allocation strategies?"},{"label":"Governance Framework Evolution","query":"What specific enhancements to The Star's governance frameworks and internal controls are anticipated from the \"Renewal Programme\" and how will their effectiveness be independently verified?"}],"footnotes":""},"categories":[16336,156,158],"tags":[23871],"class_list":["post-32515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-regulation-news","category-slider-home","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=32515"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32515\/revisions"}],"predecessor-version":[{"id":32526,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32515\/revisions\/32526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Star expects to post AU$1.53bn in revenue for FY22<\/h2>\n\n\n\n