The Star Sydney may be forced to cease operations as the New South Wales Independent Casino Commission (NICC) has threatened to revoke its license. Being Sydney’s biggest casino, terminating the Star’s gambling license would have an astronomical impact on the city’s economy and job market. In addition to license termination, a $67 million fine may also be imposed on Star Entertainment.
This comes after the NICC completed two separate investigations into the casino – one in 2022 and another that ended this year. Probes into the casino’s operations were carried out over alleged financial improprieties, with several breaches discovered across both enquiries. The threat of license revocation comes as the latest in a long list of problems the casino brand has faced in recent years. At the start of September, the company were banned from trading by the Australian Securities Exchange (ASX) for failing to publish its annual financial report when it was due.
Additionally, the casino has experienced a revenue drop in 2024 due to a myriad of reasons. The regulatory failures have reflected negatively on the company, causing it to lose a significant amount of customers to competitors such as Crown Resorts. Plus, brick-and-mortar casinos at large are struggling to compete with online casinos. iGaming sites don’t only offer bigger bonuses and wider game selections, but they can also be more trustworthy than in-person alternatives.
Gambling expert Vlad Grindu has found that those who enjoy real money pokies in AU are treated to a fair gambling experience. Some iGaming sites come with an RTP (Return to Player) percentage as high as 99% and are routinely checked for accuracy and fairness. The convenience, fairness, and security offered by casino apps make it difficult for in-person casinos to maintain customers, especially casinos associated with financial impropriety.
Despite the availability of online options, Star Entertainment reached an annual revenue of $5 billion in August. However, given the ongoing regulatory problems, the total revenue the business is forecast to make in total this year is significantly less than it made in previous financial years.
The NICC’s first investigation, which was overseen by Adam Bell SC, into the casino deemed the venue unfit to hold a license. Specifically, the venue had failed to implement sufficient counter-terrorism and anti-money laundering measures, which put customers at risk. These findings resulted in the state-appointed Nick Weeks becoming the manager of the venue. It was hoped that this would resolve the casino’s problems. However, the second investigation, nicknamed “Bell 2”, uncovered further issues.
Among the new issues, investigators found that a glitch had been allowing casino players to access funds that had not won. Three-hour gaming rule restrictions had also not been properly implemented, which had allowed gamblers to play for over three hours without taking a break. Another problem identified related to the casino’s failure to run proper welfare checks on customers, with fraudulent welfare entries being accepted.
The license suspension and fine are not yet definite. The gambling company has had two weeks to respond to the NICC’s show cause, with a meeting scheduled for the 27th of September. Should the revoking go ahead, significant job losses will likely occur. Currently, the Star Entertainment Group employs 8,000.
Disclaimer: The content of this article is intended for informational purposes only and does not constitute financial, legal, or gambling advice. Betting carries significant risks, and we encourage readers to gamble responsibly. The availability and legality of online betting services vary across jurisdictions, and it is the reader’s responsibility to ensure that they comply with local laws before engaging in any form of betting or gambling.
In Australia, online betting is regulated by state and territory authorities, and bettors should use licensed operators overseen by the Australian Communications and Media Authority (ACMA). In New Zealand, gambling is regulated by the Department of Internal Affairs (DIA), and bettors are advised to use only licensed platforms to ensure their safety and compliance with local laws.
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For support with gambling-related issues, contact Gambling Help Online (Australia) at www.gamblinghelponline.org.au or the Gambling Helpline (New Zealand) at 0800 654 655.
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