Scott Saunders, the Chief Risk Officer (CRO) of The Star Entertainment Group, has announced his resignation, effective from January 31, 2025. In addition to his resignation, Saunders will also step down from his roles as a director on all subsidiary company boards on this date.
Transition and Remediation Program
Until his departure, Saunders will continue to be actively involved in The Star’s remediation program, ensuring a smooth transition once his successor is appointed. The search for his replacement is set to begin shortly. Acting Group CEO, Neale O’Connell, expressed his gratitude for Saunders’ contributions: “I want to thank Scott for his dedication and commitment to The Star during a difficult and transformative period and wish him well in his future endeavours.”
Market Speculations and Share Price Increase
In response to an unexpected rise in The Star Entertainment Group’s share price, the company addressed an ASX query, affirming that there was no undisclosed information influencing the market. The sudden increase in share price was attributed to market speculations concerning potential corporate activities and the financial challenges the group is currently navigating.
Inquiry Report and Upcoming Public Release
Adding to the group’s ongoing developments, a significant report by Adam Bell SC, regarding the inquiry into The Star’s suitability to operate in New South Wales, is scheduled to be submitted to the NSW Independent Casino Commission on July 31, 2024. The findings of this report are anticipated to be made public shortly after submission, potentially influencing the group’s strategic direction and public perception.
Recent Appointments and System Performance Resolution
In mid-July, The Star Entertainment Group successfully appointed its new Group CFO and Sydney CEO, having received all necessary regulatory approvals for both roles. This move is part of the group’s broader strategy to strengthen its leadership team during a period of extensive change and challenge.
Moreover, the group recently resolved a significant system performance issue that had been affecting its electronic tables and game machines across its establishments, underscoring its commitment to operational efficiency and customer satisfaction.
The Star Entertainment Group is undergoing a period of substantial change, with leadership transitions, market speculations, and regulatory scrutiny all playing a pivotal role in shaping its future. The resignation of Scott Saunders, coupled with the forthcoming public release of the Adam Bell SC report and recent strategic appointments, marks a critical juncture for the company. The ongoing developments within The Star Entertainment Group will be closely watched by stakeholders, as the group navigates through these transformative times.