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Star Casino Sydney Faces Fresh Licensing Probe Amid Reform Doubts
There will be a second inquiry into Sydney's Star Casino's financial dealings. That comes after the gaming authority for New South Wales voiced concerns regarding the effectiveness of its reform initiatives.
In 2022, operator Star Entertainment was deemed unable to possess a Sydney casino license following a public investigation that revealed the business had let fraud, criminal infiltration, and money laundering to take place on the property.
Instead of having its license revoked, Star was granted until January 2024 to improve its behavior. As a result, the majority of the casino's leadership staff and board were replaced. However, the NSW Independent Casino Commission (ICC) demanded a new investigation on Monday, citing worries that the casino has not gone far enough in correcting its mistakes.
"Blindsided" star
The statement is said to have totally "blindsided" Star management, as per The Australian Financial Review (AFR), just one day before they were scheduled to present half-yearly results. On Monday, Star Entertainment made a request to the Australian Securities Exchange (ASX) to temporarily suspend trading of its common shares.
"I’m just not sure the extent to which they’ve addressed the cultural reform that [the first inquiry] said … was serious and endemic and needed a lot of work,” ICC chief Philip Crawford told AFR. “We want to see the progress they’ve made around that particular space. That’s really important.”
Litigator Adam Bell SC, who has been invited to lead the second probe, characterized Star's operations as “a case study of unethical conduct and cultural failure” in the first investigation.
Covert VIP Area
According to the investigation, Star Casino management permitted Chinese high rollers to take out a total of $900 million for gaming using China UnionPay (CUP) credit cards. These purchases were passed off as "hotel expenses."
In the meantime, the casino gave the now-defunct Macau junket operator Suncity permission to run "Salon 95," an unnamed VIP lounge, covertly. Australian officials had at the time determined that Suncity was connected to organized crime.
After former Star CEO Matt Bekier informed officials that his company had broken off business ties with the junket, Salon 95 carried on as usual.
According to ABC, the current investigation will last roughly 15 weeks, and the final report is expected on May 31.
Star Entertainment is being sued separately by AUSTRAC, Australia's financial crime bureau. It claims that for years, the business permitted more than 100 high-risk VIP clients to launder billions of dollars through its casinos.
From at least 2014 until 2021, Star is alleged to have courted foreign agents, fraudsters, and suspected criminals to bet at its casinos.
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