Sydney’s Star Casino will continue to have its license suspended. The casino has been fined $15 million due to continuous compliance concerns.
Two investigations, known as the Bell Inquiries, showed widespread misbehavior and governance failings at the casino. According to the NSW Independent Casino Commission (NICC), changes have occurred after the appointment of a new CEO. However, further progress is required before the casino can reclaim its license.
The NICC Chief Commissioner stated that, while transparency at The Star has improved, the second Bell Inquiry revealed compliance concerns.
The Commission chose not to revoke the license completely. As doing so would significantly impact the business. The company employs over 9,000 people and works with numerous suppliers.
In response to the NICC’s decision, The Star Entertainment Group has placed its securities in a temporary trading halt. That will remain until normal trading resumes on Friday unless extended.
As a result of the investigations, The Star has been fined $15 million for major violations of its internal control manual.
The NICC has also implemented more stringent financial and operational reporting standards. Furthermore, adjustments to the board and management structure are proposed.
The regulator is also seeking amendments to the Casino Control Act based on recommendations from the inquiry.
Despite these challenges, the NICC noted improved communication between The Star’s leadership and the regulator, suggesting some positive steps forward for the company.
