The Star Entertainment Group announced that its group CEO and managing director, Robbie Cooke, has departed from the company.
Cooke, who has held the position since late 2022, conceded that he was not the right person to help the beleaguered group secure its NSW licence.
“Whilst I find the position exceptionally disappointing, I have reached the conclusion that my continuation in the Group CEO role is not going to be conducive to the NICC [NSW Independent Casino Commission] determining to find The Star capable of becoming suitable to hold a casino licence in NSW,” Cooke admitted.
In late February, the NICC announced another inquiry into the casino’s operations. This came one and a half years after Adam Bell SC, the barrister who lead the original inquiry into Star’s Sydney casino, outlined the property’s anti-money laundering and counter-terrorism failings in his 900 page report.
NICC chief commissioner, Philip Crawford, felt that the casino had not demonstrated its ability to regain its casino licence in the 18 months since the original report was handed down.
Just this morning it was revealed that Star’s second inquiry will be made public after Bell advised that this was in the public interest.
David Foster, Star’s chairman and non-executive director, will take on additional duties as executive chair while a search for a permanent CEO is conducted.
Cooke and the Star board said they consider this change to be in the best interests of the company. They said they have formed this particular view as Cooke’s leadership of the company “was not going to be conducive to the NICC determining to find The Star capable of becoming suitable to hold a casino licence in NSW.”
With Foster stepping into an executive role, Anne Ward, an independent non-executive director at Star, will assume the role of lead independent director.
Alongside Cooke’s departure is Star’s chief financial officer, Christina Katsibouba, who will replaced on an interim basis by Neale O’Connell, an experienced ASX-listed CFO.
Since the original inquiry was handed down in 2022, Star’s share price has dropped by over two-thirds. It’s also facing a multimillion-dollar penalty over allegations by AUSTRAC that it allowed 117 high-risk VIP patrons to launder billions in dirty money through its casinos.
