Star Entertainment Faces License Threat in New South Wales
Date: 2023-12-11 Author: Dima Zakharov Categories: CASINO, EVENTS
Star Entertainment Group is on the verge of losing its license in New South Wales (NSW) if it fails to demonstrate its ability to operate independently within the next six months. The NSW Independent Casino Commission (NICC) suspended Star's casino license last year due to multiple Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) failings.
Despite the appointment of an independent manager to oversee Star's Sydney property and ensure the implementation of a remediation plan, the NICC is unconvinced that the company is ready to run its casino without supervision. The NICC spokesperson emphasized that Star must prove its capability within six months or face the real risk of losing its license.
This development follows the extension of the terms of independent managers overseeing Star's business in NSW and Queensland. The NICC expressed discontent with much of Star's remediation efforts being led by the independent manager, Nicholas Weeks, rather than the casino company itself.
There are doubts about whether the NSW remediation plan will be sufficient for the reinstatement of Star Entertainment's license. The NICC is concerned that the operator's profit-driven culture may resurface once the independent manager concludes his term, especially as a significant portion of the senior executive team remains unchanged.
In response, a spokesperson for Star Sydney affirmed the company's firm commitment to implementing the remediation plan with "utmost rigor and discipline." Star expressed gratitude for the opportunity to work with manager Weeks and highlighted its readiness to uphold compliance standards.
Despite the commitment, Star Entertainment faces a challenging task ahead. It must swiftly organize its business operations and proactively implement remediation measures to secure the retention of its license.
