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Visitors play video slot machines at Sydney’s Star Casino on February 15, 2016. REUTERS/Jason Reed/File Photo
Sept. 27 (Reuters) – Star Entertainment Group (SGR.AX) It accepted the findings of an investigation on Tuesday that indicated the casino operator was unfit to be licensed in Sydney, but said it should be allowed to continue operating under “strict supervision”.
The country’s second-largest casino operator said in a statement that it had developed a remediation plan outlining actions to address the “root cause failure” cited in an investigation report released earlier this month.
Australia’s casino industry has faced intense scrutiny over the past three years after the discovery of Star’s bigger rival Crown Resorts Not suitable Holding a gambling license on money laundering grounds has prompted investigations in some states.
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The New South Wales (NSW) state gambling regulator said its report identified “systemic governance, risk and cultural failures” at the Star Sydney casino. read more
Philip Crawford, chief commissioner of the NSW Independent Casino Commission (NICC), said: “Casinos have repeatedly evaded anti-money laundering agreements by disguising large sums of money as hotel expenses and large sums of cash, mainly through a The secret room of the two cash cages.” Said.
The NICC should allow companies to “continue to operate the license under strict supervision and be accountable for milestones in the remediation program,” Star said Tuesday.
Star said its remediation plan will focus on a “multi-year transformation” of governance, accountability, culture, risk and compliance management practices.
The casino operator plans to finalize the budget for the remediation plan next month and complete it by the end of 2024.
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Reporting by Himanshi Akhand in Bengaluru; Editing by Krishna Chandra Eluri and Sherry Jacob-Phillips
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