The decision comes days after the company pleaded guilty to breaches of the Casino Control Act after months of damaging revelations from two inquiries.

Attorney-General Shannon Fentiman said the charges related to Section 66 of the Act which prohibited the purchase of gambling chips with a credit card.

The company’s board and senior management have also been turned over following the revelations and the departure of current chair Ben Heap was well known.

Foster has now received all the regulatory approvals to take over.

Heap said the board had evolved in a timely but measured way in the past 12 months.

“In addition to our recently appointed managing director and chief executive Robbie Cooke, four experienced, non-executive directors have joined the renewed board with an additional director awaiting final regulatory approval,” Heap said.

“I have every confidence The Star will be a powerhouse of the Australian tourism and entertainment sectors for decades to come, employing thousands of people across stunning locations in Sydney, Brisbane and the Gold Coast.”

However, as confident as Heap is in the company’s future there are still hurdles ahead in the form of investigations by the likes of the Office of Liquor and Gaming, as well as ASIC and AUSTRAC has started criminal proceedings in the Federal Court in relation to money laundering.

Foster said the important and fundamental steps had been taken in rebuilding the company.

“I am delighted to assume the role of chairman as we continue with an unwavering focus on earning back the trust of the community,” he said.

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