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Star casino: Record fine for Australian operator over money laundering Star casino: Record fine for Australian operator over money laundering
(about 3 hours later)
The record fine is the maximum regulators can giveThe record fine is the maximum regulators can give
Australian gambling giant Star Entertainment Group has been fined A$100m ($62m, £55m) for failing to stop money laundering at its Sydney casino.Australian gambling giant Star Entertainment Group has been fined A$100m ($62m, £55m) for failing to stop money laundering at its Sydney casino.
The group's licence to operate the casino has also been suspended.The group's licence to operate the casino has also been suspended.
The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year. The Star has promised to "do everything in [its] power" to regain its licence and the community's trust.
Casino operators in Australia have been under great pressure to reform their gambling operations following reports of widespread criminal activity.Casino operators in Australia have been under great pressure to reform their gambling operations following reports of widespread criminal activity.
A public inquiry earlier this year heard the Star had allowed money laundering and organised crime to infiltrate their Sydney casino, taking a "cavalier" approach to governance and at times making deliberate steps to cover its tracks. The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year.
The fine announced on Monday is the maximum allowed, but the regulator stopped short of removing Star's licence altogether, to protect thousands of jobs. It heard the Star had allowed money laundering and organised crime to infiltrate their Sydney casino, taking a "cavalier" approach to governance and at times making deliberate moves to cover its tracks.
At the time, the regulatory chief Philip Crawford said: "The institutional arrogance of this company has been breathtaking."
The fine announced on Monday is the maximum allowed, but the NSW Independent Casino Commission stopped short of removing Star's licence altogether, to protect thousands of jobs.
Under the conditions of the suspension, the casino will still operate under a manager appointed by the regulator.Under the conditions of the suspension, the casino will still operate under a manager appointed by the regulator.
From Friday the Star will not be able to run the casino on its own until it can "earn" its licence back, NSW Independent Casino Commission chief Philip Crawford said. From Friday the Star will not be able to run the casino on its own until it can "earn" its licence back, Mr Crawford said.
The inquiry earlier this year led to the resignations of Star's former chief executive Matt Bekier. A spokesman for The Star said the company is committed "to charting a path back to suitability".
Its final report, handed down last month, found the Star was not fit to hold a casino licence in NSW. It has previously promised to increase security staff, improve surveillance, end high-risk international VIP trips known as "junkets" and implement leadership changes.
At the time, Mr Crawford said: "The institutional arrogance of this company has been breathtaking." The scandal has already led to the resignation of executives, including former CEO Matt Bekier.
Australia casinos targeted in money laundering probeAustralia casinos targeted in money laundering probe
Casino operator fined over illegal China dealingsCasino operator fined over illegal China dealings
In response to the report, the Star Entertainment Group said it had taken "significant and urgent remedial steps" and would do "whatever necessary" to restore its suitability to run the casino. The penalties were announced on his replacement Robbie Cooke's first day.
It yet to respond to the penalties imposed, which were announced on new chief executive Robbie Cooke's first day. Mr Crawford said the company's "cultural issues" would take time to stamp out, but it had showed signs it could reform under Mr Cooke's leadership.
Mr Crawford said the Star's "cultural issues" would take time to stamp out, but the company had showed signs it could reform under Mr Cooke's leadership.
The Star entered a trading halt on Monday morning, which is set to last until Wednesday.The Star entered a trading halt on Monday morning, which is set to last until Wednesday.
After a similar inquiry in Queensland, The Star was earlier this month also found unsuitable to run its three casinos in that state.After a similar inquiry in Queensland, The Star was earlier this month also found unsuitable to run its three casinos in that state.
Media investigations have aired allegations of misconduct at various casinos around Australia in recent years, including at those owned by the country's largest gaming and entertainment group - Crown Resorts.Media investigations have aired allegations of misconduct at various casinos around Australia in recent years, including at those owned by the country's largest gaming and entertainment group - Crown Resorts.
It was fined $80 million by Victorian gambling authorities earlier this year for its failures to stop criminal activity.It was fined $80 million by Victorian gambling authorities earlier this year for its failures to stop criminal activity.
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