The Star to keep its license despite the AU$15 million fine
The Star Sydney will maintain its casino license despite a new fine, and many imposed rules from the NSW Independent Casino Commission, NICC.On October 17, the NICC...
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 financial viability.
Additionally, Star Entertainment declared that a debt facility worth $130.3 million had been finalized. The company’s financial challenges come from the Bell Two inquiry, which uncovered severe violations of compliance. In addition to the potential suspension of its casino license and a penalty of $10 million, the controversy has led The Star’s shares to collapse.
The Star’s chairman, Anne Ward, stated in a speech at the Annual General Meeting:
“Agreeing with corporate lenders on a revised lending package has provided some space to address the immediate liquidity situation, but there is still more to be done, as outlined in our recent market disclosures. This work will continue in earnest throughout 2025.”
Steve McCann, the company’s CEO and managing director, stated at the AGM that he was certain The Star would make strong progress before the New South Wales Independent Casino Commission’s deadline of March 31, 2025, for managing casino operations. He said that the team and the Board have been working nonstop for the last four and a half months to address the company’s issues and create a clear plan for recovery and repair. But he admitted that there are still many obstacles to overcome and that The Star still faces many difficulties.
McCann emphasized:
“The first priority is to restore our regulatory and social licenses to operate by continuing to actively demonstrate meaningful progress toward remediating our systems, processes, and culture. This revised plan has been approved by our Queensland regulators, with conditions, and delivery is now underway.
The reset plan consists of 14 separate workstreams, each with numerous milestones, target dates, and independent assurance to confirm when they have been met.”
In the areas of cultural reform, safer gambling, compliance, risk management, financial crime, governance, technology, and data, he came to the conclusion that the reset remediation plan would allow them to bring about significant change by the end of March 2025.
Star Entertainment submitted a response to NICC
The Star Entertainment Group has officially confirmed that it has submitted its response to the show cause notice issued by the New South Wales Independent Casino Commission...
