{"id":2376,"date":"2024-09-13T08:41:44","date_gmt":"2024-09-13T08:41:44","guid":{"rendered":"http:\/\/stakery.io\/?p=2376"},"modified":"2024-09-18T14:16:09","modified_gmt":"2024-09-18T14:16:09","slug":"star-entertainment-facing-another-au100m-fine-if-it-holds-onto-nsw-casino-license","status":"publish","type":"post","link":"http:\/\/stakery.io\/index.php\/2024\/09\/13\/star-entertainment-facing-another-au100m-fine-if-it-holds-onto-nsw-casino-license\/","title":{"rendered":"Star Entertainment Facing Another AU$100m Fine if It Holds Onto NSW Casino License"},"content":{"rendered":"
<\/div>\n

Not good enough<\/h2>\n

Star Entertainment Group is hanging on for dear life as it waits to hear the fate of its casino license in New South Wales (NSW). The Brisbane-based company was subject to a second probe by SC Adam Bell after the authorities felt it hadn\u2019t made sufficient progress in addressing serious issues uncovered by the initial inquiry in 2022.<\/p>\n

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issued a disciplinary notice to the company regarding four major breaches<\/p>\n<\/blockquote>\n

The NSW Independent Casino Commission (NICC) confirmed on Friday that Star will have to pay a fine of AU$100m (US$67m) if it manages to hold onto its license to operate a Sydney casino. It issued a disciplinary notice to the company regarding four major breaches that the report from August 30 outlined.<\/p>\n

These relate to not running welfare checks on hundreds of high-risk customers, forging these checks, and a case of cash fraud. Star has two weeks to respond to these allegations. The regulator also wants more insight into the operator\u2019s current financial position and what it intends to do to remediate itself if it holds onto the license.<\/p>\n

Many issues<\/h2>\n

Star issued a response by saying it might query certain issues and plans to reply by September 27.<\/p>\n

Star Entertainment has to cover the AU$3.2m (US$2.1m) investigation costs for the second Bell inquiry<\/a>.<\/div>\n

The embattled company also has concerns in Queensland, where it operates two casinos. The Queensland regulator is waiting to see what happens in NSW before proceeding with its own probe into the company.<\/p>\n

Investor money remains tied up as Star Entertainment\u2019s shares currently aren\u2019t available to trade on the Australian Securities Exchange (ASX)<\/a> after it failed to report its annual report for the most recent fiscal year by the deadline.<\/p>\n

Long-running problems<\/h2>\n

Australia\u2019s casino sector has faced severe scrutiny in recent years. Authorities found that Star Entertainment was guilty of significant anti-money laundering failures, player protection issues, and other major compliance failings.<\/p>\n

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held onto its license following the initial probe in October 2022<\/p>\n<\/blockquote>\n

It held onto its license following the initial probe in October 2022, but the regulator appointed a special manager, Nicholas Weeks, to oversee the remediation efforts. Despite the appointment, numerous issues raised further concerns, including an ATM malfunction that led to patrons getting AU$3.2m (US$2.1m) in free cash<\/a> after it took the Star Sydney weeks to resolve the problem.<\/p>\n

The other major casino company in Australia, Crown Resorts, dealt with similar issues and also had to pay nine-figure fines for its transgressions<\/a>.<\/p>\n

The post Star Entertainment Facing Another AU$100m Fine if It Holds Onto NSW Casino License<\/a> appeared first on Vegas Slots Online News<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Not good enough Star Entertainment Group is hanging on for dear life as it waits to hear the fate of its casino license in New South Wales (NSW). The Brisbane-based company was subject to a second probe by SC Adam Bell after the authorities felt it hadn\u2019t made sufficient progress in addressing serious issues uncovered…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[],"_links":{"self":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2376"}],"collection":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/comments?post=2376"}],"version-history":[{"count":1,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2376\/revisions"}],"predecessor-version":[{"id":2377,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/posts\/2376\/revisions\/2377"}],"wp:attachment":[{"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/media?parent=2376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/categories?post=2376"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/stakery.io\/index.php\/wp-json\/wp\/v2\/tags?post=2376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}