Casino-Owner Star to Remake Board as Inquiry Allegations Mount
(Bloomberg) -- Star Entertainment Group Ltd. pledged to bring in new directors at a faster pace as the Sydney casino owner reels from damaging allegations at an inquiry and the resignation of its chief executive officer.
The board will “embark on a program of renewal,” Star said in a statement Friday. “It acknowledges the need for accelerated board change.”
An inquiry into Star's suitability to operate its flagship casino has heard a string of allegations of wrongdoing. They include disguising as hotel expenses A$900 million ($674 million) of withdrawals on Chinese debit cards to fund gambling, and allowing probable money laundering to take place inside gaming rooms.
A board clean out at Star would mirror changes at rival Crown Resorts Ltd., which underwent a near-total overhaul of directors and top management last year after regulators unearthed similar transgressions.
Star CEO Matt Bekier quit this week after allegations at the inquiry that he grew hostile and labeled as wrong a report by consultants that Star may not be complying with anti-money laundering laws.
John O'Neill will lead Star as executive chairman until a new CEO is found, the company said.
©2022 Bloomberg L.P.
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