Report finds Star Entertainment Group ‘unsuitable’ to hold casino licence
An inquiry into the Star Entertainment Group has found the gambling and entertainment company unfit to operate a casino in Sydney.
The inquiry, led by Adam Bell SC, happened earlier this year and featured allegations of organised crime links, money laundering and fraud at its casino in Pyrmont. The inquiry found that “a number of extremely serious governance, risk management and cultural failures of The Star Entities occurred” before and during the period being reviewed.
“The failure to report in relation to CUP (China Union Pay) and the serious misconduct by (junket operator) Suncity in Salon 95 was a manifestation of a culture where business goals took priority over compliance goals,” the review found.
“The Star treated the (NSW Independent Liquor and Gaming) Authority with disdain, as an impediment to be worked around.
“The Star misled the Authority about the CUP Process and about Salon 95.”
The review has not given recommendations about changes that need to take place at the casino to make it fit to operate, as this was not in the terms of reference. The Star now has 14 days to respond to the report, according to chief commissioner of the NSW Independent Casino Commission, Philip Crawford.
“The report also identifies a number of specific breaches of the casino control act as well as the internal control measures under which it operates, these constitute specific breaches of its casino licence,” Crawford said.
Crawford said The Star admitted that it was unsuitable to hold a licence at the beginning of the inquiry, but made eight submissions as to why it was suitable now.
“Mr Bell did not agree with any of those eight submissions and found that Star remains unsuitable,” Crawford said.
The commission sent a show cause notice to the Star, asking it to show why disciplinary action should not be taken against it. The disciplinary action could involve revocation of the casino’s licence, fines or a combination of these measures.
“I can say from the contents of the report doing nothing is not an option,” Crawford said.
The report found a culture of finding ways to do things, rather than considering if they were the right thing to do, with financial goals as the main motivation behind this conduct, Crawford said. This lead to practices at the casino becoming susceptible to risks of money laundering, criminal gambling in the casino and organised crime activity.
“Then they took deliberate actions to mislead and deceive their own bank, their own board of directors and the regulator,” Crawford said.
Alongside media speculation regarding this report, Star Entertainment Group announced yesterday that it would halt trading. It also announced that it appointed Nawal Silfani as an additional company secretary.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
Adam Bell SC NSW Independent Casino Commission Philip Crawford Pyrmont Star Entertainment Group the starLatest News
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