It follows the torrid time given to other boards of embattled companies including Qantas and Ardent as shareholders demanded answers from directors. Qantas also suffered a “first strike” on its remuneration report, which, if replicated next year could potentially lead to a spill of the board.

It was Star’s turn today and activist shareholder David Kingston, who yesterday took on Ardent chair Gary Weiss, today claimed the Queen’s Wharf development in which Star is a joint venture partner was overcapitalised and would be a financial failure.

Kingston said that after two capital raisings that netted $1.55 billion, the company’s market value was now only $1.6 billion.

“The most bizarre thing is that this is marginally more than what you have raised. Without the two raisings the company would have been bankrupt.”

Another shareholder added: “It’s almost penny dreadful status.

“It’s seen as a tax loss by a lot of shareholders.”

The Australian Shareholders Association also questioned its viability with a debt of $1.5 billion, half of which would be held by Star.

Chief executive Robbie Cooke, who joined in late 2022, also took some heat as shareholders told him that the stock price had fallen 70 per cent under his watch.

Star was at pains to show that it had changed and Cooke said its remediation plan, which is awaiting regulatory approval, “would address the failings and root causes” that were identified by the Gotterson and Bell inquiries in Queensland and NSW.

“Our remediation plan will track and hold us accountable to the multi-year program we are committed to delivering,” he said.

He told shareholders the company had faced “extraordinary issues” such as the two inquiries, $200 million in fines, a legal case between the builders of the Queen’s Wharf development in Brisbane and the joint venture owners, the appointment of a special manager over its Sydney and Queensland casinos and four class actions that have merged into one. About 500 staff were lost as well.

“The damage to our social licence caused by the acts of the past have been felt daily in our business on multiple levels,” Cooke said.

“To say the year was challenging completely understates the lived experience.”

He said anti-money laundering staff numbers had grown from 26 to 121 and its safer gambling team had grown from 18 to 83. The entire board had been replaced and eight new executives had been appointed from outside the company while four other executive roles had been filled by internal staff.

Chair David Foster said the company’s priority was to regain its suitability and licences.

The company avoided a second strike on its remuneration report which could have led to a spill of board seats.