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Australia's
Star says regulator-named manager to run Sydney casino
- 17th October 2022
SYDNEY,
Oct 17 (Reuters) - Australia's Star Entertainment
Group (SGR.AX) said on Monday a regulator-appointed
manager would be stepping in to run its Sydney casino
after an investigation by an independent commission
found it had failed to prevent money laundering and
criminal activity.
The
firm was fined A$100 million ($62 million) by the
New South Wales Independent Casino Commission (NICC),
which also suspended its license to operate the casino
in Sydney, effective Oct. 21, Star said in a statement.
The
commission appointed Nicholas Weeks as the manager,
who will assume full control from Friday for the next
90 days to ensure the casino is compliant with all
relevant laws.
The
suspension period will be crucial for Star to prove
its merit to hold a casino license.
Weeks'
authority as a manager of Star's assets are limited
to the operational needs of the casino.
"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 said in its notice to
Star.
Keeping
the casino operational is in public interest to protect
the thousands of jobs at risk, the notice said.
The
decision to slap Star with the maximum fine possible
comes on the first day on the job for Star's new Chief
Executive Robbie Cooke.
Star's
shares on the Australian bourse are on a trading halt.
Australia's
gambling industry has been in the spotlight in recent
years, with public inquiries lashing its biggest casino
operators due to lapses in money laundering protections
(This story has been corrected to say licence suspended
effective Oct. 21, not Oct. 2 in the second graph)
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