The Australian Star claims that the casino’s regulator has named a manager to oversee Sydney casino
Sydney The Australian-based Star Entertainment Group said on Monday that a supervisor appointed by regulators will be appointed to oversee its Sydney casino following an investigation conducted by an independent commission concluded that it failed to protect against crime and money laundering.
The company was fined $100 millions ($62 millions) from the New South Wales Independent Casino Commission (NICC) and also banned its license to run casinos in Sydney beginning on October. 21. Star announced in an announcement.
The commission has appointed Nicholas Weeks as the manager who will take the full responsibility from Friday onwards in the coming 90 days in order to make sure the casino is in compliance with all applicable laws.
The time frame for suspension will be vital to allow Star to establish its worth to be granted a casino license.
Weeks’ authority as the administrator of Star’s assets is only limited to the requirements of the operation that the gambling establishment has.
“The period during which the manager has control will enable the exploration between the NICC and the operator and TSEG (The Star Entertainment Group) of the possibility that the former operator may be capable of demonstrating to the NICC it may become suitable to hold a casino licence,” the commission stated in its letter to Star.
The casino’s operation is in the public best interests to ensure the safety of thousands of jobs in danger The notice stated.
The decision to punish Star with the largest penalty is made on the first day of work for the new Star CEO Robbie Cooke.
The shares of Star on the Australian exchange are in an unbroken trading halt.
The gambling industry of Australia has been under scrutiny over the past few years as public inquiries have slammed the largest casino operators in the country because of inadvertent violations of the protections against money laundering. ($1 = A$1.6113)
