© Copyright khedmeh Wall
The casino licence for The Star Sydney property (pictured) will remain suspended, with its operator hit with a AUD15-million (US$10.1 million) fine for ongoing compliance problems and a fresh review within the first quarter next year.
That is according to an announcement on Thursday by Philip Crawford, chief commissioner of the New South Wales Independent Casino Commission, a regulatory authority in that Australian state. He said a fresh assessment would be made by March 31.
Mr Crawford was speaking at a media conference, as reported by public broadcaster the ABC.
The Star Sydney, a property of The Star Entertainment Group Ltd, had been subject to two inquiry processes headed by lawyer Adam Bell, which identified compliance and governance failures.
The company’s licence for its Sydney casino had been suspended “indefinitely” from October 21, 2022, and placed under state-government supervision. The firm had also been fined AUD100 million by the New South Wales authorities.
In his Thursday comments, Mr Crawford said governance at the group had improved since the appointment of a new chief executive.
In late June it had been announced that Steve McCann was becoming group chief executive and managing director, with effect from July 8.
Mr McCann previously served as the group CEO and managing director of rival Australian casino operator Crown Resorts Ltd.
The ABC cited Mr Crawford as saying on Thursday: “If Sydney Star fails, the Star group will fail and that’s a group that employs 9,000-plus people, and if you add onto that the huge number of suppliers to the business, it would effect the lives of a lot of people.”
He added: “It would be a very, very final act to take the licence away, particularly given the current economic times.”
A trading halt for The Star Entertainment’s shares – at the request of the company – had been called on the Australian Securities Exchange at 7.25am Sydney time on Thursday, “pending it releasing an announcement,” the group said.
The Star Entertainment also holds gaming licences in the state of Queensland, where it launched on August 29 The Star Brisbane, a new casino resort that is part of the AUD3.6-billion Queen’s Wharf Brisbane.
The Wall