The Star Entertainment Group Limited (The Star) announced that its The Star Sydney property’s license remains suspended. The decision was made by the NSW Independent Casino Commission (NICC), which believed that the casino isn’t ready to regain its license.
The Star Has Been Facing Trouble for a While
The Star has been on the decline ever since an investigation discovered multiple instances of severe non-compliance. To make matters worse, the company has experienced initial trouble with reforming its workplace culture and has struggled with implementing its planned remediation measures.
This has led to a loss of public and shareholder trust, bringing about financial difficulties for the Australian casino resort company.
Now, the NICC has extended the suspension of the company’s casino license, according to an Australian Securities Exchange (ASX) filing by The Star.
In its official release, The Star said that the license suspension has been extended to March 31, 2026, unless terminated earlier by the NICC.
The company’s chief executive officer and managing director, Steve McCann, commented on the matter, saying that The Star remains committed to implementing its remediation plan and improving its practices in order to regain its license.
We acknowledge that there is more work to do but we remain committed to delivering on our Remediation Plan to support the safe and compliant operation of our business. The Star is committed to continuing its transparent and constructive relationship with the Manager, the NICC and the New South Wales Government, and demonstrating to all its stakeholders its suitability as a licence holder as soon as possible.
Steve McCann, CEO & MD, The Star Entertainment Group
The Star Is Being Sued
In other news, The Star faces further trouble as Chinese-born billionaire Phillip Dong Fang Lee alleged that his limited understanding of English was exploited to mislead him into signing documents he did not understand and gambling more than he intended.
Earlier, The Star failed to negotiate covenant waivers with its lenders, preventing the company from breaching the terms of its debt agreements.
- SCCG Management. The Gambling Industry’s Global Connector. Access Here.
- Source: https://www.gamblingnews.com/news/the-star-sydney-fails-to-regain-license-as-nicc-extends-suspension/
