The former Queenslander will start next Monday after regulators in NSW and Queensland gave his appointment approval.

While the reform of the company was already under way, Cooke has to guide it through a potential loss of licences and major fines because of its breaches in the operations of its casinos in the two states.

But he will be well paid. He received a golden handshake of performance share rights to the value of $1.6 million to add to a salary of $1.6 million as well as short and long term incentives.

Even if shareholders vote against his golden handshake, Cooke would receive an equivalent cash payment three years after the granting date as long as he is still with Star and his performance hurdles are met.

Cooke is currently the CEO of Tyro Payments and before that worked for Tatts Group and Wotif.com. He was also head of strategy and legal counsel at Unitab in Queensland.

Star was last week issued with a show cause notice by the Attorney General, Shannon Fentiman, after serious claims relating to money laundering were made in Gotterson inquiry.

The company is facing the prospect of fines of up to $100 million, a loss of its licence and the imposition of a special manager to oversee its operations.

On the horizon there is also the prospect of action by the Australian Securities and Investments Commission and AUSTRAC.