Star initiates trading halt as new inquiry starts in NSW
Following the initiation of a new inquiry in NSW, Star Entertainment has requested a trading halt of its shares on the ASX.The inquiry in question was initiated by the...
The Star casino fined a for money laundering shortcomings
Australia’s The Star casino has been fined a record amount for failing to prevent money laundering at one of its establishments.
The gambling and hospitality company Star Entertainment Group has been fined a massive 100 million Australian dollars for lacking anti-money laundering measures at its casino in Sydney. Additionally, the company’s operating license has been suspended as well. The fine approached the maximum the NSW gambling regulator could impose, although they opted to not revoke the casino’s license outright fearing mass layoffs.
The decision comes after an investigation carried out in the state of New South Wales earlier in the year, which found out that the business failed to prevent malicious actors from laundering illegitimately acquired funds at its establishment in Sydney, and even sometimes turned a blind eye to the illegal actions while being fully aware of them.
Under the terms of the suspended license the establishment will get a new managerial team appointed by the state’s gambling regulator. The casino will continue operating this way till the company can “earn back” its license, as stated by the government organization’s chief Philip Crawford.
Star Entertainment has been having a pretty subpar year so far, as in addition to the latest amercements it has gotten fined over 80 million Australian dollars in Victoria and has gotten its Queensland license suspended in the period. This latest penalty has caused quite a shakeup at the company, as its chief executive officer Matt Bekier has resigned shortly after the findings were published, among many other higher level executives who followed suit.
Despite all the hardship, the firm stated that they are committed to remedy their mistakes and regain the confidence of the regulators and the general public. Moreover, they have also stated that the company is looking to improve the security of its properties by hiring more staff and installing more advanced surveillance systems.
Star names Janelle Campbell as CEO of Sydney operations
Janelle Campbell has recently been named the CEO of Star Entertainment’s operations in Sydney.Having had a career of more than twenty years in the gambling sector, the...
