Star Casino license suspension extended until September

The Star Entertainment Group’s Sydney casino licence will remain suspended for at least another six months. 

The news was confirmed by the New South Wales Independent Casino Commission (NICC) with its direct appointment, Nick Weeks, to continue to manage all casino operations until the end of September.

Weeks’ role was due to lapse on March 31, but following submissions to the NICC from him and the Star casino, the measures have been extended. 

It has been said the venue is in an ongoing period of remediation with leadership and culture issues to be addressed. 

NICC is content that the soundings it has received have evidenced improvements that need to continue, while crucial work is required to recover the casino’s financial position.

NICC Chief Commissioner Philip Crawford stated: “We welcome progress in The Star’s remediation efforts and are confident the company is moving in the right direction with its remediation plans.”

“The next six months is a critical phase for The Star as it will need to show further progress with its remediation activities whilst also stabilising its finances.”

Trading on The Star’s shares was suspended back in February, but the casino will be able to operate certain gaming operations under the explicit oversight of Weeks. 

Star Entertainment has been in a perilous financial situation for months, with concerns that the firm could go under. 

Earlier this month, the company received a $53m (US $33.4m) emergency funding package by transferring its new Brisbane casino complex its Hong-Kong partner investors, led by Far East Consortium International and Chow Tai Fook Enterprises. 

In a fluid situation, Bally’s Corporation has received key backing in its attempts to take over the Star Entertainment Group. 

Billionaire Bruce Mathieson, the largest individual shareholder in Star, has pledged a further AU $50 million ($31.42m) if the deal progresses. 

His 10% stake in the company would be doubled if Bally’s acquisition is completed.

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