The Star casino fined $100m following damning report

A casino has been hit with a whopping $100m fine following a damning report into its “confronting” and “shocking” conduct.

Sydney‘s The Star casino has been fined a whopping $100m following a damning inquiry into its “confronting” and “shocking” conduct.

A report was handed down by Adam Bell SC last month that exposed alleged money laundering, organised crime links and fraud at The Star, with the NSW Independent Casino Commission (NICC) subsequently finding it unit to hold a casino licence within the state.

The $100m fine was issued by the NICC on Monday, the maximum penalty that can be given following tough casino regulation reforms that were introduced by the state government earlier this year.

The Star casino has been fined $100m. Picture: NCA NewsWire / Nikki Short

The massive penalty coincided with Robbie Cooke’s first day as the new chief executive of The Star.

When addressing the report back in September, NICC chief commissioner Philip Crawford said senior management and senior executives took “deliberate” steps to mislead their bank, their board of directors and the regulator.

“The report is, quite frankly, shocking. It provides evidence of an extensive compliance breakdown in key areas of The Star‘s business,” Mr Crawford said.

“It’s quite confronting, the steps they went to, to hide things and hide really bad behaviour.

“A repeating theme throughout the report seemed to be asking not whether something they were looking at doing was appropriate but how they could do it.”

The Star Entertainment Group (TSEG) accepted the findings of the report and said they had developed a “comprehensive” Remediation Plan.

NICC chief commissioner Philip Crawford said the conduct was ‘confronting’ and ‘shocking’. Picture: NCA NewsWire / Nikki Short

“TSEG and The Star Sydney accept the findings of the Bell Report, including the finding of unsuitability,” Star executive chairman Ben Heap said in a statement issued on behalf of the board.

“TSEG and The Star Sydney also acknowledge the gravity of the conduct which is raised in the Bell Report. TSEG has taken significant and urgent remedial steps, including increased risk, compliance, and security staff, approval of upgrades to surveillance technology as well as permanently exiting junkets and closing the Marquee nightclub.

“We intend to do whatever is necessary, in consultation with NICC, to restore The Star Sydney to suitability.”

NSW Premier Dominic Perrottet called The Star “absolutely horrendous” following the report’s release.

“There is no place for anybody in any organisation, particularly casinos, to not be complying with the regulations in place,” he said.

Kevin Anderson, NSW’s Hospitality and Racing Minister, said in a statement at the time the findings in the Bell Report were “shocking”.

“Their lack of respect for compliance and regulation is breathtaking,” he said.

More to come …

Originally published as The Star casino fined $100m following damning report