Australian casino The Star Casino in Sydney faces a second investigation from regulators who may see the property’s license at risk, according to reports.
Independent Casino Commission of New South Wales (NICC) is investigating the property after a previous report on the property in September 2022 claimed the casino had “serious governance, risk management and cultural failures.”
The report also alleged that the estate used “forged documents and misleading, untruthful and unethical communications” with banks, as well as “deceptive and unethical” operations and “failed to account for money laundering and counter-terrorism financing risks.”
inside the case
The casino is owned by Star Entertainment Group, which also owns a Star-branded property on Australia’s Gold Coast and the Treasury Hotel and Casino in Brisbane.
When the first regulatory report was issued, NICC I decided not to cancel the license because thousands of jobs would be at risk. The company has also shown remorse over the issues and plans to make changes to casino policies, according to reports.
but, NICC Officials now believe the drug didn’t do enough. An outside director has been appointed to oversee the casino as part of the 15-week investigation. This will be followed by public hearings on casino operations.
“There’s a lot at stake for the star, so NICC The casino is given every opportunity to prove whether it has the ability and competence to achieve suitability. NICC Commissioner Philip Crawford said.
Some have He criticized giving the company another chance After these serious financial breaches.
“They have committed some extraordinary violations of both the letter of the law and the public trust,” said Charles Livingstone, an expert on gambling regulation at Monash University in Australia. Watchman. “At what point you do [the regulators] We say: Enough, we take this from you? At what point do you do it? [the Star] Lose your social license? Maybe a second chance, sure, but how many chances did they get?
Star management issued a statement noting that the company welcomed the probe and the opportunity to transition the property toward sustainability.
“The Star will devote all necessary resources to the investigation to ensure it meets all its requirements and expectations,” the estate noted.
News of the investigation had a serious impact on Star Entertainment’s stock price earlier this week, with shares falling as much as 26%. The company has been one of the country’s leading poker players in recent years, with a Gold Coast hotel even hosting it World Poker Tour Events.
