Australia’s Star Entertainment Group recently announced the appointment of David Foster as its new Chairman. Foster will be replacing Ben Heap, who has been the Chairman of the group since 2019 but announced his resignation back in December amidst allegations of extensive anti-money laundering and counter-terrorism failings.
Granted, there is an ocean of online casinos for Australian players to enjoy, but this firm has definitely made its mark, albeit not so positively, in recent news updates. Perhaps with this new chairman appointment, it will pick up where it left off soon, although Foster has certainly got his work cut out for him.
A New Leader at the Helm
Thankfully, David Foster boasts an impressive CV, having previously served as the chief executive of Suncorp Bank and chair of the ASX-listed G8 Education. Foster also sits on several boards and provides his expertise to the likes of Bendigo and Adelaide Bank. Having also previously held the position of CEO of Echo Entertainment, the predecessor of the Star Entertainment Group, he joined the company back in August 2022 as an observer board member, pending regulatory approval.
Overseeing the Group’s Operations At A Critical Time
As the new Chairman of the Star Entertainment Group, Foster will need to hit the ground running. He will be responsible for overseeing the group’s operations, which include casinos in Sydney, Brisbane, and the Gold Coast, all of which have been significantly impacted by the COVID-19 pandemic, with revenue taking a hit due to lockdowns and restrictions on travel.
Foster will be joining the Star Entertainment Group at a crucial time as the company looks to recover from and return to pre-pandemic growth levels. The group has recently announced a $2 billion redevelopment plan for its flagship casino in Sydney, which is set to include a new hotel tower, restaurants, and bars, so Foster will have a lot on his plate when he takes up his new position.
Looking To The Future
Following his appointment, Foster thanked his predecessor, Heap, for his dedicated service to the group during a ‘challenging’ period by acknowledging that: “He provided leadership and stability at a critical time which included overseeing the appointment of our new chief executive, renewal of the board and a reset of the balance sheet.”
Foster also expressed his enthusiasm about his new role and the future of the company, saying, “I am delighted to be returning to The Star Entertainment Group as Chairman. The company has a strong foundation and a clear growth strategy, and I look forward to working with the team to deliver on our objectives and create value for our shareholders.”
In short, the appointment of David Foster as the new Chairman of the Star Entertainment Group is a positive development for the company. With his extensive experience and a proven track record of success, Foster is well-equipped to lead the group through the challenges ahead, help it to achieve its growth targets and reestablish its reputation within the industry.
