McCann, once a world-ranked poker player, ensured he will collect even if the house loses. As ASIC tries to sort through who is responsible for Star’s predicament, the current board and management team are fighting a losing battle to keep the casino operator solvent. There are serious doubts that Star will survive long enough to unveil its half-year results at the end of this month. "They are required to bring an inquiring mind to business operations. It is not ‘set and forget’," ASIC chair Joe Longo said when the charges were announced. The former directors deny that they failed in their duties to ensure Star’s anti-money laundering controls were fit for purpose. They say that their decisions were in the best interests of the company and were made in good faith. "The principle I want to really highlight is that in those circumstances, directors ought to be exercising due care and diligence in making proper inquiry as to those risks that go to the core business," he said. This includes former chairman John O’Neill – better known as the sports supremo who brought Australian rugby union into the professional era and did much the same with soccer via the creation of the A-League. Star’s shares fell almost 6 per cent in morning trading on the update to be down 96 per cent since the stock’s high-watermark in September 2021. Revenues were down $50m in the last quarter alone as mandatory limits and cashless gambling rules were introduced. We did sit down with Star over a year ago and work out a rescue package," Mr Minns told reporters on Sunday. Attempts to find other financial solutions had so far failed to eventuate, Star said. Embattled casino group Star has warned it is on the financial precipice, following a new financial update to the Australian Securities Exchange.
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