In Australia and gambling giant The Star Entertainment Group Limited has reportedly announced that it does not intend to contest the findings of the recent inquiry that found it unsuitable to hold a New South Wales casino license.
According to a report from the Australian Associated Press news service, the state-sanctioned investigation reached this damning verdict on September 13 after adjudging that the Brisbane-headquartered firm had flouted rules on the use of Chinese debit cards within its The Star Sydney property to process illicit transactions worth millions of dollars. The New South Wales Independent Casino Commission-backed examination led by prominent attorney Adam Bell purportedly also criticized the company for lying to its banks about such dealings and failing to properly engage with local regulators.
Complete concession:
The Star Entertainment Group Limited, which is soon set to hear back from an analogous inquiry being conducted in its home state of Queensland, reportedly used an official filing (pdf) to declare that it had ‘accepted the findings’ of the New South Wales probe ‘including the finding of unsuitability’ while simultaneously acknowledging ‘the gravity of the conduct raised’. The Sydney-listed operator purportedly went on to proclaim that it has recently ‘taken significant and urgent remedial steps’ that encompassed the hiring of more compliance, risk and security staff as well as the ‘approval of upgrades to surveillance technology.’
Evolution expectation:
On top of this and The Star Entertainment Group Limited
reportedly stated that it had fully exited the controversial junket scene via the closure of The Star Sydney’s Marquee nightclub and implemented ‘a comprehensive remediation plan’ that it hopes will allow it to continue running the 351-room Sydney facility under strict supervision. The Australian casino operator furthermore purportedly pronounced that it is now looking to implement this ‘multi-year transformation’ involving its ‘governance, accountability and capabilities, culture and risk and compliance management practices’ while concurrently doing ‘whatever is necessary’ so as to bring its sole New South Wales property back into regulatory compliance.
Reportedly read the filing from The Star Entertainment Group Limited…
“The Star Entertainment Group Limited is committed to taking additional necessary and appropriate action in clear timeframes to address the issues raised by Bell so the New South Wales Independent Casino Commission can be satisfied that The Star Sydney has taken sufficient steps and has bound itself to take further steps so that it may continue to hold its licence.”
Conclusive judgement:
For its part and the New South Wales Independent Casino Commission reportedly asserted that it will now look over the findings of the Bell-led inquiry before deciding what final course of action to take against The Star Entertainment Group Limited ‘in due course’. The regulator’s Chair, Phillip Crawford, purportedly noted that the operator could well now face the prospect of being booted from the state altogether and asked to pay fines totalling up to $65 million.