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Sydney’s Star Casino complex is illuminated on the evening of February 15, 2016. REUTERS/Jason Reed/File Photo
Sept 15 (Reuters) – Australia’s Star Entertainment Group (SGR.AX) It said on Thursday it would implement a sweeping remediation plan to improve its governance, culture and controls, days after an investigation found the casino operator was unsuitable to hold a licence in Sydney.
An investigation into alleged breaches of anti-money laundering laws and criminal infiltration released on Tuesday gave Australia’s second-largest casino operator 14 days to convince NSW authorities that it should be allowed to keep its operating license. read more
Shares in Star rose 3.4 per cent to $2.77 following the announcement.
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Interim chairman Ben Heap said the company culture needed to change based on the findings.
“Our actions to date have included introducing stronger controls, strengthening our regulatory compliance function and training, adding new members to our board… voluntarily appointing an independent monitor to oversee us progress,” Heap said in a statement.
Australia’s casino industry has faced intense scrutiny over the past three years after Star’s larger rival Crown Resorts was found unfit to hold a gambling license for money laundering, prompting investigations in some states. read more
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Reporting by Riya Sharma; Editing by Subhranshu Sahu and Sriraj Kalluvila
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