Star Entertainment receives AU$15m fine
The Star’s casino licence for its Sydney property remains suspended following the NICC review. News of another fine breaks...
Key points:
– The Star has been fined AU$15m for failings at its Sydney Casino site
– An NICC-appointed manager will oversee operations at the casino until March 2025
– The organisation will undergo a reassessment next March to determine its suitability to reclaim its casino licence
The New South Wales Independent Casino Commission (NICC) has imposed an AU$15m (US$10m) fine on the Star Entertainment Group for internal compliance issues, with the company’s casino licence in Sydney remaining suspended.
As per the NICC’s latest ruling, The Star Entertainment has been penalised for continuous shortcomings pertaining to regulatory compliance, technology and risk management operations which, according to NICC Chief Commissioner, Philip Crawford, “fell far short of sustainability.”
Following the conclusion of the second Bell inquiry, an NICC-appointed manager, Nick Weeks, will oversee all operations at The Star Casino Sydney until the regulator performs its reassessment of the property on the 31 March 2025 – allowing the casino to continue operating its gaming facilities despite its licence suspension.
The reassessment will evaluate The Star’s suitability to reclaim its operational casino licence in the state of New South Wales. However, between now and March, the operator is required to provide additional financial and operational reporting to the NICC.
This action follows the NICC issuing a show cause notice to The Star last month, flagging issues raised within this latest report prior to any financial penalisation. The company responded by making further submissions to the regulator which were, evidently, deemed inadequate.
Good to know: The Star also released its FY2024 financial results in September, highlighting a decrease of 71% in net profit
Commenting on the development, Crawford went on to state the following: “The NICC understands the many challenges The Star is facing and will continue to closely monitor The Star’s progress in proving it is capable of regaining its casino licence.
“The Star CEO, Steve McCann, has established open lines of communication and cooperation with the NICC which has resulted in a much healthier relationship between the company and the regulator.
“The NICC is encouraged by the steps initiated since Mr McCann’s appointment. However, more work needs to be done before The Star can be regarded as a compliant and responsible operator, deserving of a licence.”
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