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Australia’s troubled Star Entertainment Group was suspended from the ASX, the country’s stock exchange, on Monday due to its failure to submit its financial results. Star is the largest publicly traded casino operator in Australia.
On Friday, the company notified shareholders that it would suspend trading and release its full-year results later that day. This decision came as it “assessed the implications” of a critical report by New South Wales (NSW) regulators, which found it still unfit to hold a gaming license for its flagship property, Star Sydney.
The New South Wales Independent Casino Commission (NICC) report concluded that the operator had not adequately addressed the “governance and cultural concerns” raised in a 2022 inquiry that initially deemed it unsuitable for licensing.
“It has only very recently turned its attention to dealing with challenges that should have been prioritized earlier,” NICC chief commissioner Philip Crawford stated.
“It was unclear whether The Star could feasibly operate under less supervision, given its past behaviors with its license still suspended,” he added.
Secret VIP Room
The 2022 inquiry revealed that The Star Sydney had failed to protect itself from misuse by criminal gangs for money laundering through private high-roller junket rooms.
Star allowed the Macau-based junket operator Suncity to secretly run an unbranded VIP room known as “Salon 95,” despite Australian authorities identifying Suncity as linked to organized crime.
Salon 95 continued operating even after then-Star CEO Matt Bekier assured regulators that his company had cut ties with Suncity.
Additionally, the casino permitted Chinese high rollers to withdraw $900 million for gambling using China UnionPay (CUP) credit cards while disguising these transactions as “hotel expenses” to avoid CUP’s no-gambling transaction rules. Star subsequently misled CUP and the National Australia Bank to conceal the deception.
Crown Passes Test
Star’s rival, Crown Resorts, faced similar accusations of cultural deficiencies and was also deemed unsuitable for licensing in NSW following a 2021 inquiry. However, last April, the NICC concluded that Crown had successfully addressed its issues.
Gaming at Star Sydney, which holds a monopoly on slots in NSW, remains operational for now. In a statement last week, the NICC mentioned it was “contemplating [the report’s] findings, including four compliance breaches,” and would respond in due course.
The report, released last Thursday, came just two days after Star launched its AU$3.8 billion (US$2.5 billion) Queens Wharf in Brisbane, Queensland. The company also operates The Star Gold Coast in Queensland.
