Home Sports Star Entertainment Group (ASX:SGR) casino license suspended by police and fined $100m...

Star Entertainment Group (ASX:SGR) casino license suspended by police and fined $100m – The Market Herald

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  • Star Entertainment Group’s (SGR) subsidiary, The Star, has had its casino license suspended by cops and fined $100 million following an investigation
  • The New South Wales Independent Casino Commission (NICC) launched an investigation earlier this year following allegations of links to organized crime, fraud and money laundering
  • The NICC also appointed Chief Nicholas Weeks for at least 90 days to oversee operations and work closely with TSEG on issues identified in the report
  • The suspension period will allow the company to demonstrate its suitability to hold a casino license again
  • Shares in SGR rose 1.5 percent to trade at $2.64 at the close

Star Entertainment Group’s (SGR) subsidiary, The Star, now faces disciplinary action after an investigation found it unfit to run its Sydney casino.

The New South Wales Independent Casino Commission (NICC) has suspended The Star Casino’s license indefinitely and ordered the company to pay a $100 million fine – the highest possible fine under the new New South Wales laws.

In addition, the NICC has appointed a manager, Nicholas Weeks, for a minimum of 90 days, who will now have full control and responsibility for the casino business in Sydney.

The company agreed to pay compensation to Mr Weeks.

The disciplinary action comes after the NICC launched an investigation into misconduct at Star’s Casino in Pyrmont earlier this year with alleged links to organized crime, fraud and money laundering.

The casino will remain open and operating, and SGR does not believe the appointment of a new manager will affect existing employees.

Mr Weeks is expected to work closely with The Star Entertainment Group on the issues identified in the investigation report, including the further implementation of the remedial plan.

The NICC has told The Star Entertainment Group that this suspension period will allow it to demonstrate its fitness to hold a casino license again.

SGR shares rose 1.54 percent to trade at $2.64 at the close.

https://themarketherald.com.au/star-entertainment-group-asxsgr-cops-casino-licence-suspension-and-100m-fine-2022-10-17/

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