Facing regulatory action in the Down Under, Star Entertainment has confirmed that another high-ranking executive in the face of chairman David Foster has stepped down after less than a year on the job.

Another One Bids Adieu to Star Entertainment in Time of Need

He adds to the droves of executives who have exited Star Entertainment amid intensifying scrutiny from the country’s gambling regulator, with chief finance officer Christina Katsibouba and chief executive officer Robbie Cooke both turning their resignations in March.

Foster, though, is not immediately exiting the company and will continue to carry out his duties in a temporary capacity. He wants to make the transition towards a new chief executive officer smoother, as Star Entertainment is still on the lookout for its own top person.

However, Foster will only help with the executive responsibilities he took on when he became a chair, and he will be replaced in the chair position by Anne Ward, an independent non-executive director, whose appointment into the new position comes with immediate effect.

Star Entertainment has come under heavy fire from regulators and has been found unfit to hold a license in Sydney in October 2022, as the regulator found the company to have not met all necessary prerequisites to continue operating the property. A second inquiry is now underway, with the heat on Star Entertainment unlikely to let up any time soon.

Star has been waddling through more problems still, especially in light of new previously unseen text messages that showed insiders at the company pushing for the removal of Star Sydney’s special manager, Nicholas Weeks, and the NSW regulator.

The Clouds Gather for Star Entertainment and Executives

That was the event which prompted Cooke’s decision to step down in a formal acceptance of mea culpa. Cooke though has already said that the rapport that Star and the regulator had was a fraught one, and it often felt like a “one-way street.”

“But it was a difficult position for the company because we were taking a contrary position to the manager and some of his views of the company,” Cooke said. The former executive further noted that the messages had come out of context, and they only represented a single exchange between Star insiders, and not the company’s official position. Yet doubt has settled on the regulator’s mind.

The ongoing saga with the second trial is adding insult to injury, and the exodus of C-level executives is undermining the company’s ability to save face at a particularly challenging period of its operations.

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Senate Bill 948 officially allows iGaming in the state, outlining how the industry will develop in the coming years. Despite calls to diversify Rhode Island’s gambling market by allowing other operators, the exclusive deal with Bally’s and supplier IGT means the region will remain a walled garden until at least 2043. The new legislation still marks a significant milestone for residents, giving them new ways to engage with their hobby.

Players Can Expect a Smooth Launch

Governor Dan McKee signed Senate Bill 948 mere hours before the deadline, opting not to veto the landmark legislation. The new law outlines how the state’s iGaming industry will operate, allowing the state to capitalize on the potential economic benefits. Rhode Islanders receive a new way to engage with their favorite games and will benefit from updated safe gambling measures.

The legislation imposes a steep 50% tax on iGaming revenue, contrasting the 18% for land-based establishments. President of the Senate Dominick J. Ruggerio, a leading proponent for the new law, noted that Rhode Islanders would enjoy new freedoms, translating the Twin River casino experience to their mobile devices.

“This iGaming legislation is constitutional, geared to mature users, contains education provisions for problem gamblers, and preserves the (current) revenue allocation percentages.”

Dominick J. Ruggerio, President of the Senate

The Rhode Island Lottery Commission, which currently oversees the state’s land-based casinos, will also regulate the state’s iGaming sector. Bill 948 gives the authority provisions to implement player safeguards like minimum age restrictions and geolocation requirements, guaranteeing sufficient player protection measures. The Commission can also partner with other state regulators, allowing Rhode Islanders to enjoy their pastime outside state borders.

The New Law Maintains the Current Status Quo

While legalized iGaming usually results in significant industry turmoil as operators strive to secure a market share in a new jurisdiction, Rhode Island’s circumstances make the launch irrelevant to the broader US market. In 2021, the state extended its long-term contract with operator Bally’s and supplier IGT, providing them with an undisputed monopoly.

The exclusivity agreement extends into the iGaming sector, meaning Rhode Island bettors can only play at one of Bally’s many brands in the state. Such an approach leads to substantially simpler regulation but has drawn significant criticism from other operators calling for a free market. However, the current binding agreement with Bally’s makes any upsets highly unlikely.

The signing of Senate Bill 948 marks a significant milestone for Rhode Island as the state becomes the seventh one to legalize iGaming. Despite its limited scope, online gambling should bring numerous benefits like increased state revenue, job creation, and enhanced consumer protection. The state has taken care to establish the necessary safeguards and protect Rhode Islanders from potential gambling harm.

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