Australia's Star Casino Could Remain under Regulator's Control till 2024
Who would want to run a casino in Australia at the moment? The industry has been rocked by one controversy after another in 2022, from the Crown Casino in Perth being handed a 49-point "to do" list to retain its license to Sydney's magnificent entertainment showpiece the Star Casino being fined $100 million and having its license suspended.
Sports books haven't escaped the wrath of regulators either, one big name brand being fined $26,500 after it thought "cashing out is for pussies" would make a good advertising slogan.
A High-profile Fall from Grace
There have been other incidents over the past 12 months, but it is the Star in Sydney's fall from grace that has really hit the local, national and international headlines. The second largest casino in Australia, it sprawls across two floors and has magnificent views across Darling Harbour.
After all that has happened over the past couple of years, the thought of one of the most vibrant nightspots in one of the world's most vibrant cities it standing closed over the holiday season is quite chilling — but that is almost what happened. The casino had its license revoked back in October after investigators from the New South Wales Independent Casino Commission (NICC) found it had failed in its duty to prevent money laundering and other criminal activity.
Ordinarily, that would mean closure, but the casino has been permitted to continue to operate. The Commission placed its own caretaker manager at the helm to oversee operations. Nick Weeks, a business consultant from Wexted Advisors who has worked as a consultant for the NICC since July, was given the task, initially on a 90-day basis.
Business as Usual
Mr Weeks held the license personally, allowing the casino to continue doing business and for its 8,000 employees to keep working. It was, however, a narrow thing. Philip Crawford is Chief Commissioner for the NICC and said it was only the Star's repentant attitude and willingness to put things right that kept the doors open.
Open they have stayed, however, and with Mr Weeks 90-day tenure entering its final month, the Commission has stated that the current arrangement is likely to continue for the months ahead, and perhaps into 2024. The NICC is expected to confirm its decision before the end of the year.
For customers, it is a case of business as usual. The Australian gambling market generates billions in annual revenue and was hit hard by the events of 2020 and 2021. The online market continues to grow and africa.businessinsider.com/ provides the latest reviews of the best online casinos for Australians. However, while these provide real money entertainment for punters, they contribute nothing to Australia's economy as they are based offshore.
In short, Australia's gambling industry is reliant on the continued success and strong reputation of its land based casinos. Economists will be joining players in breathing a sigh of relief that the Star's future seems secure — at least for now.