In recent weeks, the term of the state-appointed Special Manager tasked with overseeing the remediation efforts of Star Entertainment’s flagship property, Star Sydney, was extended for six months, until June 30, 2024.
However, regulators from the New South Wales Independent Casino Commission (NICC) have now confirmed that if the casino does not return to suitability within that time frame, it will be closed for good.
A spokesperson for the NICC recently told the Australian Financial Review that the agency “is not satisfied The Star has reached a point where the license suspension can be lifted and it can run its casino without the supervision of the manager.”
“If they can’t prove they are capable of operating with a conditional license over the next six months, the manager will be retired, and the doors will close,” the spokesperson continued.
Over the last two years, Star Entertainment has been deemed unsuitable for licensure by regulators in several jurisdictions, including New South Wales (NSW). The operator was found to be in violation of several anti-money laundering and counter-terrorism funding regulations, and officials in NSW and Queensland mandated that Special Managers be appointed to oversee compliance efforts.
Since the managers were appointed, however, Star has been somewhat distracted with other developments, including the deferment of a casino tax increase in NSW and ongoing civil proceedings with the federal financial regulator AUSTRAC.
