The Star served with 'show cause' notice by casino regulator
Make us a preferred source
Make us a preferred source on Google
The news: The New South Wales Independent Casino Commission (NICC) has served Star Entertainment with a 'show cause' notice in relation to matters arising from Adam Bell's second report, published last month, which followed a months-long inquiry into the Star's suitability to hold a NSW casino licence.
The context: In addition to the notice, the NICC has also asked the Star to make submissions regarding the actions being taken by the company in respect to a number of the report's findings.
It said those findings relate to, among other things, the Star's suitability to hold a casino licence for The Star Sydney and progress on its remediation plan.
The NICC has also requested information about the Star's current financial position and its proposed plans to address those issues on an ongoing basis, so that the regulator can make "informed decisions" about the financial suitability of the company and its Sydney casino.
The Star said it expects to respond to the notice by 27 September. It noted that it is currently considering the matters raised in the notice, the additional requests by the NICC, and Bell's report.
The company said it is continuing to work with a range of stakeholders and advisers regarding its financial position. The discussions are ongoing and involve state governments, regulators and the company's lenders, it said.
On Thursday, the Star said it is not yet in a position to finalise accounts for the 2024 financial year due to the ongoing discussions.
The embattled casino operator put its shares in a trading halt last month after the NICC inquiry found it breached compliance rules between September 2022 and July 2024 and concluded it remained unsuitable to operate its flagship Sydney casino.
Star shares, which have lost more than 50% of their value over the last 12 months amid a shrinking premium gaming market and regulatory troubles, were suspended from the ASX after the company failed to lodge its full-year financial report last month.
The source: ASX announcement
