This article is from the Australian Property Journal archive
THE Star Entertainment Group is on the brink of losing its licence to operate its Sydney casino, with the NSW regulator launching a surprise inquiry into the company’s progress in remedying cultural issues that saw it heavily fined and punished following an initial inquiry in 2022.
Adam Bell, SC, has been appointed to run the independent review, having overseen the first inquiry that heard allegations of criminal activity, money laundering and fraud on its Pyrmont premises, and led to Star being hit with a $100 million fine and the suspension of its licence by the NSW Independent Casino Commission (NICC). Nicholas Weeks was appointed as special manager of the casino.
Star was whacked two months later with penalties also totalling $100 million in Queensland for improper activity at its Brisbane and Gold Coast casinos. The punishments led to the resignation of CEO Matt Bekier and other key personnel.
Star was ordered to clean up its culture in both states. The new review will also look at Star’s financial ability to operate in and its management in NSW. It will run for 15 weeks, behind closed doors.
Trading of Star shares was halted yesterday following the NICC’s announcement.
The Sydney casino recorded gaming revenues of nearly $840 million last year.
