Australia’s Star Entertainment Group has managed to keep its coveted casino license in Sydney but has been hit with a hefty fine of $10 million for multiple compliance failings, according to Bloomberg.
The decision was made by the New South Wales Independent Liquor and Gaming Authority after a lengthy investigation into the company’s operations at its flagship property, The Star Sydney. The authority found that The Star had breached its gambling license by failing to effectively monitor and prevent money laundering, as well as failing to protect customers from harm.
The investigation revealed that The Star had allowed individuals with criminal links to gamble at its casino, despite being aware of their backgrounds. The company also failed to adequately investigate and respond to reports of suspicious behavior, and did not conduct proper background checks on high-rolling customers.
In a statement, the authority said that The Star’s failings were “serious and systemic” and warranted a significant penalty. The $10 million fine is one of the largest ever levied on a casino in Australia and serves as a warning to other operators about the importance of upholding strict compliance standards.
Despite the punishment, The Star will be allowed to keep its casino license, which is crucial to its operations in Sydney. The company has pledged to work closely with the authority to address the issues raised in the investigation and improve its compliance measures.
The news comes as a blow to The Star, which has been facing increased scrutiny over its operations in recent years. The company has been embroiled in a number of controversies, including allegations of money laundering and links to organised crime, which have cast a shadow over its reputation.
In response to the fine, The Star said it accepted the authority’s decision and was committed to making the necessary changes to ensure that its casino operations met the highest standards of integrity and compliance. The company also reiterated its commitment to working with regulators and law enforcement agencies to combat financial crime and protect its customers.
The Star’s future in Sydney remains uncertain, as it faces increased competition from new casino developments in the city. However, with its license intact and a renewed focus on compliance, the company is hopeful that it can overcome this setback and regain the trust of both regulators and the public.