Star Entertainment weathers the storm as regulators pull punches

Over the past decade, Australia’s leading casino companies have turned to ‘integrated casinos’, which are comprehensive entertainment venues with hotels, restaurants, theatres, retail outlets and convention centres, rather than giant barns full of mass-market gaming machines. has been adept at renovating its own business. A series of suites for market players and VIP players.

Regulators have been dishonest in misrepresenting large casinos as part of the state’s tourism infrastructure.

Casinos are not roads, schools or hospitals. Casino research conducted over the last few years shows that casinos are an important part of the infrastructure of organized crime.

Star’s Bell Review found that the casino allowed organized crime gangs to infiltrate, evade regulatory rules, and deliberately criticize regulators and their bankers for the “intrinsically deceptive and unethical process” of China UnionPay cards. It provided misleading and harrowing pictures of the casino. Additionally, it allowed junket operator Suncity to conduct business in the casino despite allegations of crime.

This string of misconduct and regulatory violations was exposed by this masthead. The exploits uncovered were so deep that regulators in NSW and Queensland had little choice but to conduct an open Royal Commission-style investigation into the star.

Similarly, previous revelations about Crown have prompted Victorian and NSW regulators to take similar steps. You can hardly take credit for what you do.

The second reason for Starr’s license revocation was that the company’s chairman, Ben Heap, apologized and “admitted that serious misconduct occurred.”

Chief Commissioner of the NSW Independent Casino Commission, Phil Crawford, said Star has shown genuine remorse.

Phil Crawford, chairman of the New South Wales Independent Casino Commission, said the current board understood the significance of Bell’s findings and signaled a change of attitude.

I’m not saying that Heap and the new board sanctioned previous events inside the star, but they did agree that a plea deal involving admitting and apologizing for previous wrongdoings would be a better course of action than mounting. Argument.

The good news for Starr is that drastic changes in regulation and operations, clean skin management and an updated board of directors will help in that rehabilitation process.

A $100 fine may not be the end of the financial penalties Star faces. AUSTRAC has already commenced a civil lawsuit against Crown, and Star shareholders will be prepared for similar lawsuits.

But despite dealing with hefty financial penalties, Star was able to avoid an existential crisis.

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Star Entertainment weathers the storm as regulators pull punches

Source link Star Entertainment weathers the storm as regulators pull punches

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