The NSW Independent Casino Commission (NICC) has suspended Star Entertainment’s casino licence and fined the operator AUD$100m.
The licence suspension falls short of a revocation and will allow the casino to continue to operate under the supervision of NICC appointed manager Nicholas Weeks.
Weeks will serve as manager while the Commission works to determine whether the issues at the casino can be rectified and whether the NICC believes it is likely that The Star can achieve suitability for licensure.
The Star was found unsuitable to hold a licence five weeks ago after an investigation discovered evidence of widespread anti-money laundering compliance failures at the Sydney casino.
“The suspension comes into effect Friday 21 October 9.00am when the manager starts in the role,” said NICC chief commissioner Philip Crawford. “The NICC has resolved that it is no longer in the public interest that The Star should remain in control of that licence, and that The Star is not currently suitable to be the holder of the licence.”
The Commission decided to allow the casino to continue operating in order to protect the 8,000 people employed there.
“The Star’s current board and executive understand the gravity of Bell’s findings. They have publicly apologised and acknowledged the serious wrongdoing that occurred, and they are willing to co-operate with the regulator,” Crawford added.
“If it were not for The Star’s change in attitude and our belief that it is in the public interest to protect the thousands of jobs at risk, there might have been a different outcome.”
Shares in Star Entertainment Group Ltd. (ASX:SGR) closed 1.54 per cent higher at AUD$2.64 per share in Sydney Monday.