Sydney‘s Star Casino has been slapped with a record $100 million fine and had its gaming licence suspended by regulators after a scathing report into its operations.
The NSW Independent Casino Commission handed down its decision on Monday after a report has found the casino failed to stop the operation of criminal activity on its premises, despite knowing it was ongoing.
The $100 million fine was the maximum penalty possible under laws recently introduced by the NSW government.
The Star’s licence to operate its Pyrmont casino will be suspended, which comes into effect 9am Friday.
Nicholas Weeks has been appointed as the independent manager who will then take over operations, which means the casino will continue trading for at least 90 days.
NICC chief commissioner Philip Crawford added that timeframe could be extended.
‘We’ve decided to impose a fine of $100 million on The Star, and secondly, to suspend the Star’s casino licence,’ he announced on Monday.
© Provided by Daily Mail Sydney’s Star Casino (pictured) has been slapped with a shopping $100million fine
‘The Star Casino will remain open and all staff will remain employed.
‘The Star’s licence is suspended and the manager will hold a casino licence.’
It comes after the commission last month released a damning report by Adam Bell, SC, which deemed The Star unfit to hold a casino licence.
The inquiry identified a litany of issues – including a notorious gang-linked junket operator running an illicit cage at the casino and that it broke rules on Chinese debit cards.
Mr Crawford said he was not satisfied with Star’s reform plan.
‘The remediation plan contained in the Star’s submission did not make much sense without the leadership of a competent and experienced CEO,’ he said.
‘Star’s new CEO, Robbie Cooke, commences at Star today. We have met with Mr Cook and he presents to us as someone who is absolutely capable of providing the strong leadership needed at the Star.’
© Provided by Daily Mail An independent manager has been appointed to take over operations, which means the casino will continue trading for at least three more months
© Provided by Daily Mail Chief Commissioner Philip Crawford (pictured) announced on Monday the Star Casino will remain open and all staff will remain employed
Mr Cooke vowed to rehabilitate the embattled gambling and entertainment company.
‘We need to be putting compliance at the top of the list and if you do that, it protects shareholder value,’ he told AAP last week.
‘There’s definitely some challenges in the business,’ he said.
Mr Cooke vowed that ‘compliance will be put ahead of profits’ under his leadership, adding that ‘cultural change won’t happen overnight’.
‘My big focus to deal with those issues is my commitment to our regulators, to our government partners, to our 75,000 shareholders, 8000 team members and the community at large to rebuild trust.’
© Provided by Daily Mail The Star casino in Sydney (pictured) was deemed ‘unsuitable’ to hold a gaming licence after a report found it repeatedly breached the law, misled banks and was infiltrated by criminals
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