Star Entertainment finally releases financial report
After a long delay, Star Entertainment released its half-year financial report for the period ending 31 December 2024, confirming a net loss of A$302 million and highlighting...
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 announced that The Star would be fined AU$15 million, which is equal to US$10 million. Moreover, the company would also be subjected to “a suite of directions and license conditions.”
Despite the fines, the NICC chose not to take Star’s casino license entirely, allowing state-appointed manager Nick Weeks to continue overseeing operations through March 2025.
NICC chief commissioner Phillip Crawford said:
“In a casino setting, compliance breaches can have serious consequences for the community, and the Bell Report illustrated how quickly weak controls can lead to criminal infiltration and gambling harm. The NICC understands the many challenges The Star is facing and will continue to closely monitor The Star’s progress in proving it is capable of regaining its casino license.”
Recommendations from the Bell Report, which highlighted leadership gaps and insufficient patron checks, will guide these changes.
It is crucial to note that the recent appointment of CEO Steve McCann has improved relations with the NICC; however, the Star still has some work to do in order to regain its reputation as a compliant operator.
Crawford added:
“The Star CEO, Steve McCann, has established open lines of communication and cooperation with the NICC, which has resulted in a much healthier relationship between the company and the regulator. However, more work needs to be done before The Star can be regarded as a compliant and responsible operator, deserving of a license.”
The Star hopes this ruling could signal a turning point after multiple legal issues surrounding the company.
Star set to sign $300M lifeline deal on April 7
Australian gambling operator Star Entertainment is about to sign a $300 million rescue deal with US-based casino giant Bally’s Corporation.
According to the Australian...
