Sept 13 (Askume) – The casino commission of Australia’s largest state said on Friday it may suspend Star Entertainment (SGR.AX).
The New South Wales Independent Casino Commission (NICC) has issued a disciplinary notice to the casino giant over four significant breaches detailed in a second report released on August 30.
The casino operator said in a separate statement that The Star is currently “considering the matters raised in the notice” and expects to respond to the regulator by September 27.
“The NICC also seeks information regarding the company’s current financial position and proposed plans to proactively address these issues.”
Earlier this year, the NICC launched a second investigation into Starr amid concerns the company was not adequately addressing shortcomings in its culture after major money laundering and counterterrorism failures were exposed in 2022.
The NICC said in a statement Friday that the violations cited in the notice included “cash fraud against the Star, failure to investigate the source of funds of hundreds of high-risk members, and fraudulent guest benefit entries, which further exacerbated an already delicate situation … putting customers at greater risk of loss.”
The regulator has given the company 14 days to respond to the “show cause” notice.
Star Entertainment’s licence to operate its lucrative Sydney casino was suspended in October 2022 after an investigation found the company was ineligible to hold the licence and it was ordered to pay a $100 million fine.
Star’s shares were suspended from trading by the Australian exchange operator on 2 September after Star failed to file its annual report for the financial year 2024 by the prescribed date .
(USD 1 = AUD 1.4872)
