This article is from the Australian Property Journal archive
THE Queensland government has approved a remediation plan for The Star comprising more than 100 initiatives that will direct wide-ranging reforms, and alongside NSW regulators has extended the special manager’s appointment.
Licence suspensions for The Star Gold Coast and Treasury Brisbane casinos have been deferred until the end of May 2024, while the appointment of special manager Nicholas Weeks has been extended for another 12 months to 8th December 2024, while at The Star Sydney Weeks’ term has been extended from January to the end of June.
The Star was whacked with a $100 million fine and licence suspension last December by the Queensland government, after it was deemed to have lacked enforcement and funding of its anti-money laundering policies, and allowing banned patrons into its casinos. It had been hit with another $100 million fine and a licence suspension by the NSW government two months earlier after an inquiry criminal heard allegations of activity, money laundering and fraud.
“The NSW Independent Casino Commission (NICC) has advised The Star that the proposed extension is to give The Star additional time to satisfy the NICC that it is capable of undertaking the remedial action required for it to become suitable and be permitted to return to gaming in accordance with the provisions of the Sydney casino licence,” The Star said.
The approved plan for its Queensland premises will direct reforms to governance, culture, financial crime, safer gambling and risk management, and be delivered over several years “to ensure extensive reform is embedded”, the government said.
Weeks, Queensland manager assisting Terri Hamilton and their team will monitor implementation of the plan and continue to provide appropriate oversight while The Star proves its commitment and ability to remediate and return to suitability, the government said.
Failure to comply with an agreed remediation plan is an offence under the Casino Control Act 1982 and would make The Star liable to further disciplinary action which could include fines of up to $5 million being imposed by the Attorney-General.
Since the completion of inquiries in both Queensland and NSW, The Star’s group CEO and board have been replaced. The new board has budgeted approximately $200 million towards the resources needed to implement the Queensland plan.
Attorney-General and Minister for Justice and Minister for the Prevention of Domestic and Family Violence, Yvette D’Ath, said The Star’s “remediation and return to suitability to hold a casino licence will not be simple or quick and requires cultural change across the organisation.
“Today’s announcement strikes the right balance between making sure The Star operates lawfully, ethically and in a way that enhances integrity, while also prioritising public confidence and local jobs.
“The government remains committed to casino reform to address the significant failings identified in the Gotterson Review and the findings of the many inquiries into casino operations across the country.”
