Regulators in Queensland and New South Wales (NSW) recently announced that the terms for Star Entertainment’s court-appointed Special Managers, who were assigned to oversee the remediation efforts at Star’s casinos, have been extended.
In filings to the Australian Securities Exchange (ASX), the company said that Nicholas Weeks, who was appointed by the NSW Independent Casino Commission (NICC) to oversee Star Sydney, will have his term extended until June 30 of next year.
The six-month extension, Star said, is an effort to prove to the NICC that the company is in fact capable of following through with its efforts to attain suitability. That said, the NICC confirmed that this would be the only such extension granted, and added that it has the power to end Week’s appointment early if need be.
In Queensland, the Special Manager overseeing the Treasury Brisbane and Star Gold Coast casinos will have their term extended by 12 months to December 8, 2024. Yvette D’ath, Queensland attorney-general, said that the extension coincided with the decision to delay the enactment of a 90-day casino license suspension for both properties from December 1, 2023 to May 31, 2024.
According to Star, this suspension delay means that the company will have to show proof of progress on its so-called Remediation Plan before May 31. D’ath has reportedly approved the plan, which features over 600 initiatives and milestones aimed at helping the company fix its slew of regulatory issues.
However, it should be noted that the NICC has yet to sign off on the Remediation Plan at this time.
“We’re pleased to have our Remediation Plan approved in Queensland,” Robbie Cooke, managing director and CEO of Star, said in a statement. “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.
“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 licenses is a privilege, not a right.”
