Australian Gambling Giant Star Entertainment Has Been Fined A $100m

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Australian Gambling Giant Star Entertainment Has Been Fined A $100m
17 Oct 2022
5 min read

News Synopsis

The largest gaming firm in Australia, Star Entertainment Group, is fined A$100 million ($62 million, £55 million) for failing to prevent money laundering at its Sydney casino. The group's license to run the casino has also been suspended.

The Star has vowed to "do all in [its] power" to earn back both the public's trust and its licence. Following accusations of extensive criminal activity, Australian casino operators have come under intense pressure to overhaul their gambling operations.

In response to a damning inquiry in New South Wales (NSW) earlier this year, the record penalties were made public.

It was said that the Star had a "cavalier" approach to governance and occasionally made conscious attempts to hide its traces, allowing organized crime and money laundering to enter their Sydney casino.

The regulatory chief at the time, Philip Crawford, stated: The institutional arrogance of this company has been breathtaking."

The maximum fine that can be imposed was published on Monday, but the NSW Independent Casino Commission decided against completely suspending Star's licence in order to safeguard thousands of jobs.

The casino will continue to run under the conditions of the suspension, with management appointed by the regulator.

The Star won't be able to manage the casino independently starting on Friday unless it can "earn" its license back, according to Mr. Crawford.

The Star is devoted "to finding a route back to suitability," according to a spokeswoman for the business.

It has previously committed to hiring more security personnel, enhancing monitoring, ending dangerous foreign VIP journeys known as "junkets," and changing the leadership. Executives have already resigned as a result of the incident, including former CEO Matt Bekier.

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