The Star Entertainment Group is facing the possibility of losing its casino license as the New South Wales regulator has initiated a second inquiry into the company’s operations. This comes after Star was fined $100m and found unsuitable to run a casino. The regulator has expressed concerns about the company’s ability to address these issues.
The first report by Adam Bell SC accused the Star of serious governance and risk management failures, including deceptive processes and a failure to account for money laundering risks. Despite these findings, the regulator did not revoke Star’s license in 2022, but instead appointed an external manager to oversee the casino’s operations. The external manager’s term has been extended due to the regulator’s dissatisfaction with the Star’s remediation work.
The NICC’s second commissioner, Philip Crawford, stated that the second review will provide a thorough assessment of whether the Star’s license should be revoked. Some analysts have questioned why the company’s license wasn’t already revoked given the confirmed breaches and criticized remediation work.
In response to the inquiry, a Star spokesperson welcomed the review and stated that they would provide full cooperation.
2024-02-20 01:27:41
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