Source : PortMac.News | Retail :
Source : PortMac.News | Retail | News Story:
News Story Summary:
Star Entertainment Group announced chairman David Foster has left the role, effective immediately.
Foster 's departure comes days after a text message was made public, where he suggested the NSW's casino regulator should be abolished.
The text was sent to then-Star CEO Robbie Cook, and was unearthed last Tuesday during a second inquiry by the NSW Independent Casino Commission (NICC) into whether Star is suitable to hold a casino licence.
Mr Foster told the inquiry last week that his words were "poorly chosen" and did not "properly reflect" his point.
In a statement to the ASX on Monday, the company announced that Mr Foster had been replaced by Anne Ward as the board's chair, effective immediately.
Mr Foster will remain on Star's board as a director and continue as CEO for an "interim period".
Ms Ward told the inquiry today that she expects Mr Foster will leave both positions once a new CEO was appointed in the next "six to eight weeks"
Foster's departure follows the exit of seven other executives for the company — including CEO Robbie Cooke, its chief financial officer, and the head of its Gold Coast casino.
Dr Charles Livingstone, who is the head of gambling research at Monash University, said the evidence heard at the inquiry is hurting Star's ability to hold onto its casino licence.
"I think of all the casino operations in Australia at the moment, the one most likely to lose its licence would be Star in New South Wales," he said.
"That would make complications for its operations elsewhere, particularly in Queensland where they are building a gigantic new casino on the Brisbane waterfront.
"I think if anyone was going to be used to encourage the rest of them [casinos] to abide by the new rules, then Star is the most likely candidate."
Source | Wires