After a tumultuous few months for The Star Entertainment Group, the company’s chair, David Foster, has announced his departure amid an ongoing inquiry into its Sydney casino operations. Foster’s resignation comes on the heels of several other high-profile departures from the company, including CEO Matt Bekier and director Michael Cheika.
The inquiry, which is being conducted by the Independent Liquor and Gaming Authority, was launched in response to allegations of money laundering and other illegal activities at The Star’s flagship casino in Sydney. The investigation has sent shockwaves through the company and has raised serious questions about its ability to maintain its gaming license.
Foster, who has been with The Star Entertainment Group since 2012, cited “personal reasons” for his departure in a statement released to the press. However, sources close to the company say that his resignation is directly related to the ongoing inquiry and the growing pressure on the board of directors to address the serious allegations against the company.
In his statement, Foster expressed his confidence in the company’s ability to weather the storm and come out stronger on the other side. He also thanked the board and staff for their hard work and dedication during his tenure as chair.
The Star Entertainment Group has been under intense scrutiny since the inquiry began, with reports of money laundering and other illegal activities at its Sydney casino making headlines around the world. The company has denied any wrongdoing and has pledged to cooperate fully with the investigation.
Despite the recent departures of several top executives, industry analysts say that The Star Entertainment Group is still in a strong position to weather the storm and emerge stronger on the other side. The company’s stock price has held steady in recent weeks, and its operations in other markets are performing well.
With David Foster’s departure, The Star Entertainment Group is now searching for a new chair to lead the company through these turbulent times. In the meantime, the board of directors will continue to work closely with regulators and law enforcement officials to address the allegations against the company and ensure that it remains in compliance with all laws and regulations.
As the investigation into The Star’s Sydney casino operations continues, the company’s future remains uncertain. However, with a new chair at the helm and a renewed focus on compliance and transparency, many industry experts believe that The Star Entertainment Group has the potential to emerge from this crisis stronger and more resilient than ever before.