The Star receives approval to begin remediation programme
The Star Entertainment Group (TSEG) has secured the go ahead for a planned “remediation programme.”
Allen & Overy Consulting (A&O) was engaged by The Star in August to serve as Independent Monitor for the programme’s design and implementation.
Now, the London-based law firm has issued its first report. After assessing the embattled group’s multi-year remediation plan, A&O has waved the green flag.
“Based on this fieldwork, in our opinion the programme is sufficiently developed for the TSEG Board to consider commencing the execution phase,” A&O wrote.
In light of recent events, this will come as welcome news to The Star. Last week, the group’s Sydney casino licence was suspended, and a multimillion-dollar fine was issued.
However, The Star Sydney has remained open under the management of Nicholas Weeks, who was appointed by the NSW Independent Casino Commission (NICC).
Robert Cooke, meanwhile, has only just begun his tenure as The Star CEO, and will in all likelihood be especially thankful for any positive news.
A&O said it has yet to interview Cooke, but has spoken to multiple senior leadership figures and believes The Star “has shown an intention” to remedy any shortcomings.
“We have, in the course of preparing this report, engaged with a number of TSEG’s senior leaders including the Interim Chair of the Board,” A&O remarked.
“On the basis of these conversations, and reflecting on the scale of TSEG’s investment and the degree of senior focus being shown, we believe TSEG recognises the degree of challenge it faces in remediating the root causes and restoring trust, and has shown an intention to do so.”
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