Bell Report submitted; Star’s chief risk officer resigns

On Wednesday, July 31, the NSW Independent Casino Commission (NICC) announced the receipt of the Bell Report, which assesses Star Sydney’s eligibility to maintain its gaming license. Coinciding with this development, Star Entertainment disclosed the resignation of its Chief Risk Officer.

In its communication, the NICC indicated that it would meticulously review the report’s contents prior to its public release. The outcome and recommendations will be conveyed at an appropriate time, reflecting the regulator’s commitment to transparency and compliance.

The inquiry, referred to as Bell Two, was initiated in February, following concerns about Star’s insufficient remediation efforts stemming from the initial Bell Inquiry in 2022. At that juncture, Star was classified as unfit to retain its New South Wales license. Since then, Nick Weeks, a state-appointed manager, has been overseeing operations at Star Sydney, with his tenure extended multiple times, currently set to last until September.

Significant leadership changes have occurred at Star since the Bell Two inquiry’s inception, including the departures of former chairman David Foster and CEO Robbie Cooke. Public hearings conducted in the spring unearthed multiple compliance irregularities and exposed a fraught relationship between Star and the NICC. Notably, during the hearings’ conclusion, the company sought a third opportunity to demonstrate its suitability and requested an additional extension for Weeks.

In an effort to rebuild its reputation, Star appointed Steve McCann as CEO and Managing Director in June. McCann, a well-respected figure in the industry, played a pivotal role in steering rival Crown Resorts through its acquisition by Blackstone Group in 2022.

The NICC now stands at a crossroads: it can either grant Star an additional chance to rectify its standing or proceed to revoke its license, which would reshape the operational landscape significantly.

Saunders Resigns as Bell Report is Submitted

In a filing with the Australian Securities Exchange (ASX) on Wednesday, Star confirmed the resignation of Chief Risk Officer Scott Saunders. Saunders, who took on his role in February 2023, will continue to serve until January 31, 2025.

“I would like to express my gratitude to Scott for his unwavering dedication during this tumultuous and transformative period, and I wish him all the best in his future endeavors,” commented Acting CEO Neale O’Connell in the official statement.

Saunders’ departure adds to the list of executive changes that have plagued the company in recent years. Alongside Saunders, Star has seen the exit of former CFO Christina Katsibouba, Gold Coast CEO Jessica Mellor, Chief Customer Officer George Hughes, and others, reflecting a significant turnover within the C-suite during a period marked by heightened scrutiny and evolving compliance standards in the gambling industry.