Star unsuitable for casino after damning second probe
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Embattled casino operator Star Entertainment has been forced to push back its annual financial results after being declared unsuitable to take back control of its lucrative Sydney casino.
Shares in the company were placed in a trading halt on Friday because of the public release of the findings from a damning inquiry into a litany of failures within the billion-dollar gambling firm's operations.
The NSW regulator is still mulling the future of The Star's suspended licence for its Sydney casino after a second probe found the firm was "falling short" of what was required of a befitting manager.
The Star also operates casinos in Brisbane and the Gold Coast, but the Queensland government has delayed a threatened suspension of its casino licences there until after the latest NSW inquiry.
Its 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 the second Adam Bell-led inquiry declared in its report the period since the last findings in 2022 had been "marked by lost opportunities and missteps", including four significant compliance breaches.
They included a $3.2 million 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".
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".
The NSW Independent Casino Commission said it was considering its next steps for the future of the suspended operator as it worked through the second report's findings.
Shares in The Star were placed in a trading halt in part due to the release of the report, as well as the need to finalise other details for its 2024 financial year results, the company said.
Those results were due to be delivered on Friday but have been postponed, while the casino operator said it also planned to respond to recent reports about its precarious financial position.
Its share price plunged from more than $5 in 2018 to 45c at the last market close.
The Star has been battling falling returns from all of its "premium" gaming rooms, driving down its revenue as it tries to further cut costs.
The company is selling its Treasury Casino building in Brisbane after shifting to the multibillion-dollar Queen's Wharf precinct.
The NSW regulator's chief commissioner, 텐텐벳 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.
The inquiry 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 onto 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.
Shares in the company were placed in a trading halt on Friday because of the public release of the findings from a damning inquiry into a litany of failures within the billion-dollar gambling firm's operations.The NSW regulator is still mulling the future of The Star's suspended licence for its Sydney casino after a second probe found the firm was "falling short" of what was required of a befitting manager.
The Star also operates casinos in Brisbane and the Gold Coast, but the Queensland government has delayed a threatened suspension of its casino licences there until after the latest NSW inquiry.
Its 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 the second Adam Bell-led inquiry declared in its report the period since the last findings in 2022 had been "marked by lost opportunities and missteps", including four significant compliance breaches.
They included a $3.2 million 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".
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".
The NSW Independent Casino Commission said it was considering its next steps for the future of the suspended operator as it worked through the second report's findings.
Shares in The Star were placed in a trading halt in part due to the release of the report, as well as the need to finalise other details for its 2024 financial year results, the company said.
Those results were due to be delivered on Friday but have been postponed, while the casino operator said it also planned to respond to recent reports about its precarious financial position.
Its share price plunged from more than $5 in 2018 to 45c at the last market close.
The Star has been battling falling returns from all of its "premium" gaming rooms, driving down its revenue as it tries to further cut costs.
The company is selling its Treasury Casino building in Brisbane after shifting to the multibillion-dollar Queen's Wharf precinct.
The NSW regulator's chief commissioner, 텐텐벳 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.
The inquiry 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 onto 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.
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