The Queensland Government has given The Star Entertainment Group another six months to prove that the company is fit to operate its Brisbane and Gold Coast casinos.
In December of 2020, Star Entertainment was fined AU$100 million following a 2021 investigation which uncovered serious failings throughout the company. At the time the fine was issued, Star was given 1 year to demonstrate its suitability as a responsible casino operator. That period was due to expire next month, but the company now has until May 31st, 2024 to prove that it can legitimately operate its new Queen’s Wharf property and its existing property in Gold Coast.
Star has now informed the Australian Stock Exchange that Queensland Attorney-General Yvette D’Ath has approved its 640-point remediation plan.
If the company fails to comply with the remediation plan, it could face a suspension of its gaming license and fines of up to AU$5 million.
Speaking to local press, D’Ath said:
“There is certainly evidence that they are changing from the top down, but it is still very early days. This remediation plan is really the start of their work, not the end; this is the start. The remediation plan has taken many months to develop and will really drive reforms I now expect to see coming out of there.”
Special Manager Appointment Extended
The government also announced that it has extended the appointment of special manager Nicholas Weeks for another year. Weeks was also appointed by the NSW Independent Casino Commission to oversee Star’s operations in New South Wales.
D’Ath said of the extension:
“I think it would be way too early to not have a special manager overseeing this process. Because this remediation plan has only just been approved, I want to give it time to be implemented.
I do believe from what I know already that oversight is critical until I’m satisfied that the Star Entertainment Group is taking action of their own volition and not just because they’re being managed through the process.”
Star Chief Executive and managing director Robbie Cooke said:
“It’s an important step on our path to returning to suitability in Queensland and will track and hold us accountable throughout the multi-year program we are committed to delivering. At the same time, we are fully aware that successful implementation of the Remediation Plan will
require the utmost rigour and discipline.We need to regain the trust and confidence of all our stakeholders and communities, and continue
to have an unwavering focus on transformation. That comes from a clear understanding that holding casino licences is a privilege, not a right.”
NSW Extension Also Agreed
Star also announced that the New South Wales Independent Casino Commission (NICC) notified the company that the term of the appointment of the its special manager will be extended by regulation to 30th June 2024, unless earlier terminated by the NICC. The NICC stated that this will be the final extension of the Manager’s term.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.