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| Version 1 | Version 2 |
|---|---|
| Star casino: Record fine for Australian operator over money laundering | Star casino: Record fine for Australian operator over money laundering |
| (4 months later) | |
| The record fine is the maximum regulators can give | The 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 Star has promised to "do everything in [its] power" to regain its licence and the community's trust. | 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. |
| The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year. | The record penalties were announced in response to a damning inquiry in New South Wales (NSW) earlier this year. |
| 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. | 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." | 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. | 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, Mr 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. |
| A spokesman for The Star said the company is committed "to charting a path back to suitability". | A spokesman for The Star said the company is committed "to charting a path back to suitability". |
| It has previously promised to increase security staff, improve surveillance, end high-risk international VIP trips known as "junkets" and implement leadership changes. | It has previously promised to increase security staff, improve surveillance, end high-risk international VIP trips known as "junkets" and implement leadership changes. |
| The scandal has already led to the resignation of executives, including former CEO Matt Bekier. | The scandal has already led to the resignation of executives, including former CEO Matt Bekier. |
| Australia casinos targeted in money laundering probe | Australia casinos targeted in money laundering probe |
| Casino operator fined over illegal China dealings | Casino operator fined over illegal China dealings |
| The penalties were announced on his replacement Robbie Cooke's first day. | The penalties were announced on his replacement 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 company's "cultural issues" would take time to stamp out, but it 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. |
| You may also be interested in: | You may also be interested in: |
| Gambling "completely took over my life" | Gambling "completely took over my life" |
| Gambling "completely took over my life" | Gambling "completely took over my life" |
| Related Topics | |
| Gambling | |
| Australia |