Australia’s top Star faces are currently under scrutiny as the New South Wales Independent Liquor and Gaming Authority (ILGA) threatens to pull its casino license or impose a hefty $67 million fine for multiple regulatory breaches.
The Star, which operates casinos in Sydney, Gold Coast, and Brisbane, has been accused of failing to prevent money laundering activities on its premises, as well as allowing high rollers to gamble with credit cards linked to foreign bank accounts without adequate checks.
ILGA’s investigation revealed that The Star had breached multiple gambling laws and regulations, including failing to comply with anti-money laundering procedures, allowing self-excluded gamblers to continue gambling, and providing credit to high rollers without proper due diligence.
In a statement, ILGA chairman Philip Crawford stated that The Star faces “serious leadership, governance, and culture issues” that need to be addressed for the casino to continue operating in New South Wales.
The Star has admitted to the breaches and has pledged to cooperate fully with ILGA’s investigation. The casino has also announced that it will implement a series of reforms to strengthen its compliance and anti-money laundering procedures.
However, these measures may not be enough to save The Star from losing its casino license or facing the hefty $67 million fine. ILGA has the authority to impose such penalties under the Casino Control Act of 1992, which governs the operation of casinos in New South Wales.
The Star’s troubles come at a time when the Australian gambling industry is facing increased scrutiny over its practices, particularly regarding money laundering and problem gambling. The country’s regulators have been cracking down on operators who fail to comply with strict regulations aimed at protecting consumers and preventing criminal activities.
If The Star loses its casino license or is hit with the $67 million fine, it could have serious implications for the company’s future operations in Australia. The Star is one of the largest casino operators in the country, and its potential closure would have significant economic and social consequences.
ILGA is expected to make a final decision on The Star’s fate in the coming weeks, after considering all the evidence and hearing from the casino’s management. Whatever the outcome, this case is a stark reminder of the importance of regulatory compliance in the gambling industry and the consequences of failing to adhere to the law.