Australia’s Star Entertainment Group said on Thursday that it will implement a comprehensive plan to improve its governance, culture, and controls. This comes just days after an inquiry found that the casino operator was not fit to hold a licence in Sydney.
The inquiry report into alleged violations of anti-money laundering laws and criminal infiltration was released on Tuesday. This gave Australia’s second largest casino operator 14 days to convince New South Wales authorities that it should be allowed to keep its operating licence.
After the news came out, Star’s shares went up 3.4% to A$2.77.
Ben Heap, the company’s interim chairman, said that the company’s culture needs to change because of what the investigation found.
Heap said in a statement, “Some of the things we’ve done so far include putting in place stronger controls, improving our regulatory compliance functions and training, adding new members to our Board, and voluntarily naming an Independent Monitor to keep an eye on our progress.”
Related: Australia’s stock market is up at the end of the day; the S&P/ASX 200 is up 0.21.
In the last three years, Australia’s casino industry has been under a lot of scrutiny. This is because Star’s bigger rival, Crown Resorts, was found to be unfit to hold gambling licences because of money laundering. This led some states to start investigations.