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You can find the current article at its original source at https://www.theguardian.com/australia-news/article/2024/aug/30/star-declared-unsuitable-to-regain-sydney-casino-licence-as-nsw-regulator-mulls-future-ntwnfb
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| Version 1 | Version 2 |
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| Star declared unsuitable to regain Sydney casino licence as NSW regulator mulls future | Star declared unsuitable to regain Sydney casino licence as NSW regulator mulls future |
| (30 days later) | |
| Shares placed in trading halt as damning inquiry finds company is ‘falling short’ | Shares placed in trading halt as damning inquiry finds company is ‘falling short’ |
| Star Entertainment has been declared unsuitable to take back control of its lucrative Sydney casino after a damning inquiry highlighted a litany of failures. | Star Entertainment has been declared unsuitable to take back control of its lucrative Sydney casino after a damning inquiry highlighted a litany of failures. |
| Shares in the company were placed in a trading halt on Friday as the New South Wales casino regulator mulled the future of the gambling outfit’s licence for the state capital. | Shares in the company were placed in a trading halt on Friday as the New South Wales casino regulator mulled the future of the gambling outfit’s licence for the state capital. |
| A second investigation into its operations, released in the morning, found the company was “falling short” of what was required of a befitting manager. | A second investigation into its operations, released in the morning, found the company was “falling short” of what was required of a befitting manager. |
| The Star’s Sydney licence remains suspended after a first inquiry found damning evidence of anti-money laundering and counter-terrorism failings, although it has been allowed to keep the casino operating with a regulator-appointed manager. | The Star’s Sydney licence remains suspended after a first inquiry found damning evidence of anti-money laundering and counter-terrorism failings, although it has been allowed to keep the casino operating with a regulator-appointed manager. |
| But in a report made public on Friday, the second Adam Bell-led inquiry declared the period since the last findings in 2022 had been “marked by lost opportunities and missteps”, including four significant compliance breaches. | But in a report made public on Friday, the second Adam Bell-led inquiry declared the period since the last findings in 2022 had been “marked by lost opportunities and missteps”, including four significant compliance breaches. |
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| They included a $3.2m fraud that allowed Star clients to claim funds they had not won through a software glitch in “ticket in, cash out” machines for a period of six weeks. | They included a $3.2m fraud that allowed Star clients to claim funds they had not won through a software glitch in “ticket in, cash out” machines for a period of six weeks. |
| Investigations also highlighted serious breaches of rules around three-hour limits on gaming without patrons taking a break, set up “for the protection of vulnerable patrons and their families”. | Investigations also highlighted serious breaches of rules around three-hour limits on gaming without patrons taking a break, set up “for the protection of vulnerable patrons and their families”. |
| It showed “systemic and extremely serious issues” involving multiple Star staff falsifying records to suggest they had intervened in players’ extended gambling stretches when no interaction had taken place. | It showed “systemic and extremely serious issues” involving multiple Star staff falsifying records to suggest they had intervened in players’ extended gambling stretches when no interaction had taken place. |
| A Star-commissioned external culture review in mid-2023 highlighted a set of “shadow values” within the company, including “profit matters most” and “just get it done”. | A Star-commissioned external culture review in mid-2023 highlighted a set of “shadow values” within the company, including “profit matters most” and “just get it done”. |
| The NSW Independent Casino Commission on Friday said it was considering its next steps for the future of the suspended operator as it worked through the report’s findings. | The NSW Independent Casino Commission on Friday said it was considering its next steps for the future of the suspended operator as it worked through the report’s findings. |
| Shares in The Star were placed in a trading halt in part due to its receipt of the report, as well as the need to finalise other details for its 2024 financial year results, the company said. | Shares in The Star were placed in a trading halt in part due to its receipt of the report, as well as the need to finalise other details for its 2024 financial year results, the company said. |
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| Those results were due to be delivered on Friday but have been postponed. | Those results were due to be delivered on Friday but have been postponed. |
| The regulator’s chief commissioner, Philip Crawford, said the latest Bell report validated concerns that prompted the second inquiry, highlighting a company that had not moved fast enough to address previously aired governance and cultural issues. | The regulator’s chief commissioner, Philip Crawford, said the latest Bell report validated concerns that prompted the second inquiry, highlighting a company that had not moved fast enough to address previously aired governance and cultural issues. |
| “It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier,” he said. | “It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier,” he said. |
| The inquiry also revealed internal messaging between former executives about going to “war” with the regulator and appointed casino manager. | The inquiry also revealed internal messaging between former executives about going to “war” with the regulator and appointed casino manager. |
| The Star chair, Anne Ward, conceded in April the company was not fit to hold on to its licence, but she added the management team could be transformed in months. | The Star chair, Anne Ward, conceded in April the company was not fit to hold on to its licence, but she added the management team could be transformed in months. |
| The company has since appointed the former boss of rival Crown, Steve McCann, as its chief executive. | The company has since appointed the former boss of rival Crown, Steve McCann, as its chief executive. |
| In addition to its Sydney facility, The Star also has casinos in Brisbane and the Gold Coast. | In addition to its Sydney facility, The Star also has casinos in Brisbane and the Gold Coast. |