Star Entertainment Group Granted Extra Time to Reform in Queensland
LISTEN TO THIS ARTICLE:Star Entertainment Group, a leading casino operator in Australia, has been granted an extra six months to prove its competence to run land-based casinos in Queensland and the state’s scheduled license suspension has been delayed.
The company was hit with penalties last December due to various failings, including a hefty fine of AU$100 million. Star was deemed "unsuitable" to hold a license following an inquiry into its Gold Coast and Treasury Brisbane operations.
Mixed Results from Remedial Efforts
Star put together a comprehensive remediation plan to address the issues. The plan, involving about 640 milestones over multiple work streams, is designed to bring its Queensland operations in line with regulatory standards. Queensland’s attorney-general, Yvette D’Ath MP, approved the plan and the extension.
Related: Star Entertainment Successfully Implements 22 NSW Recommendations
Star's mistakes in Queensland were very similar to those identified in New South Wales. The company was found to have deliberately misled banks and regulators, associated with individuals linked to criminal activities, and to have not met its anti-money laundering obligations. As a result it was fined $100 million and the final payment is due by the end of the year.
Leadership Changes and Financial Challenges
Following the sanctions, there were a number of changes to Star’s leadership team, with several directors and executives stepping down or facing legal actions. The company also faced a number of financial challenges, including a substantial net loss and the need to restructure and introduce cost-saving measures. Despite this, Star has continued to focus on future growth and operational restructuring.
As part of its focus on the future, Star has been reorganizing its operational structure and appointing new leaders for its different properties. Each property will be headed by its own CEO who will report directly to the group CEO. The latest of these appointments was Jessica Mellor, who has become CEO of Gold Coast.
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