JPMorgan exits Star Entertainment due to regulatory troubles
JPMorgan Chase & Co. has sold its stakes in Star Entertainment, marking the end of its investment in the Australian casino operator.
Star Entertainment, which owns Star...
Queensland delays Star’s casino license suspension
The Queensland government has delayed its decision to suspend Star Entertainment’s casino license for The Star Gold Coast and gave the company a chance to show progress in fixing major compliance issues until December 31.
Initially, Star Entertainment faced a 90-day suspension starting December 20 as a result of different compliance issues in its casinos, including The Star Sydney. Now, the government decided to delay the suspension after reviewing Star’s early efforts to improve and advice from Nick Weeks, the company’s special manager. Officials shared the opinion that restoring public trust in the casino segment is the main goal.
According to Attorney General Deb Frecklington, the government expects high standards from casino operators and prioritizes community safety. She warned Star that further delays are unlikely and failure to meet goals could result in permanent license suspension. Star is under financial and regulatory pressure. CEO Steve McCann admitted that fixing compliance issues will take time. The company is also dealing with low business activity and rising compliance costs.
A review of Star’s progress will take place in February 2025. The main areas, such as company culture, safer gambling practices, and fighting financial crimes, will be under the spotlight. The final decision on the license will be published in March 2025.
The Star Entertainment secures $130M amid challenges
In the face of ongoing legal challenges, Australian gambling operator The Star Entertainment has admitted that management's top priorities continue to be liquidity and...
