Queensland agrees to defer Star Entertainment's suspension
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The news: The Queensland government has accepted Star Entertainment's remediation plan, designed to address the issues outlined in reviews by Adam Bell and Robert Gotterson.
The numbers: ASX-listed casino operator Star Entertainment announced that the Queensland government's proposed 90-day suspension of The Star Gold Coast and Treasury Brisbane casinos will be deferred from 1 December to 31 May next year. Last December, Star was handed a $100 million fine from the Queensland government, after an inquiry led by former Court of Appeal judge Gotterson found the company had disguised millions of Chinese gambling transactions as hotel charges, allowed gamblers banned in NSW to come to its Queensland casinos, and flouted anti-money laundering and counter-terrorism financing laws.
The context: Having initially been given until the end of 2023 to prove it was a suitable casino license holder or face a 90-day suspension, the state government's acceptance of Star's remediation plan means the company will be able to continue operations through its peak trading period, while demonstrating that it is delivering on steps to return to suitability.
What they said: The Star's Group CEO and Managing Director Robbie Cooke said: "We're pleased to have our Remediation Plan approved in Queensland. It's an important step on our path to returning to suitability in Queensland and will track and hold us accountable throughout the multi-year program we are committed to delivering."
In the statement, he also said: "We need to regain the trust and confidence of all our stakeholders and communities and continue to have unwavering focus on transformation."
The source: ASX announcement
