Australia's Star Sydney Could Potentially Lose Casino LicenseFine Of Up To $67 Million Also Possible |
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It’s not often that a major casino loses its license, but that exact scenario could be playing out in Australia. In a meeting set for Sept. 27, the New South Wales Independent Casino Commission (NICC) may cancel the license of Star Entertainment’s Sydney casino.
License cancellation isn’t a certainty, however, and the commission could also fine the company as much as $67 million. The actions come after the commission completed two investigations into the company over the last two years alleging financial improprieties.
“Earlier this year, the NICC launched a second investigation into Star on concerns that it had not sufficiently addressed its cultural shortcomings after being exposed for major anti-money laundering and counter-terrorism failures in 2022,” Reuters reports.
Serious Allegations
The commission noted that the latest notice concerns “a cash fraud against Star, a failure to run source of wealth checks on hundreds of members flagged as high risk, and fraudulent guest welfare entries that put already vulnerable customers at higher risk of harm.”
Star was given 14 days to respond to the findings in the report and now possibly faces serious penalties. Critics of the casino’s efforts have argued that the company shouldn’t be given another opportunity after serious financial irregularities.
“They have committed some extraordinary violations of both the letter of the law and public trust,” Charles Livingstone, a gambling regulation expert at Monash University in Australia, told The Guardian. “At what point do [the regulators] say, ‘enough is enough, we’re taking this from you’? And at what point do [the Star] lose their social license? Maybe a second chance, sure, but how many chances do they get?”
Star management has said the company welcomed the investigation and will work to comply with state laws.
“The Star will dedicate all necessary resources to the inquiry to ensure it meets all its requirements and expectations,” the property noted in a statement earlier this year.
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