{"id":245,"date":"2024-06-25T19:08:04","date_gmt":"2024-06-25T16:08:04","guid":{"rendered":"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/"},"modified":"2024-06-25T19:08:04","modified_gmt":"2024-06-25T16:08:04","slug":"star-entertainment-faces-second-probe-by-new-south-wales-regulator","status":"publish","type":"post","link":"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/","title":{"rendered":"Star Entertainment Faces Second Probe by New South Wales Regulator"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/kMbWG-fx0LM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The New South Wales Independent Gaming Authority (NIGA) has initiated a second probe into Star Entertainment Group. This follows the casino operator&#8217;s request for a temporary suspension of its stock trading on the Australian Securities Exchange (ASX).<\/p>\n<p>This is not the first time Star Entertainment is under scrutiny.<\/p>\n<p>Adam Bell, who spearheaded the initial Bell Report, has been assigned to lead this second investigation, dubbed Bell Two. It commences today, February 19th, and will span 15 weeks. The concluding report is anticipated on May 31, 2024.<\/p>\n<p>NIGA Chief Commissioner Philip Crawford declared that Bell Two will center on how Star Entertainment has endeavored to implement the recommendations from the initial Bell Inquiry.<\/p>\n<p>\u201cBell Two will reexamine the Bell Report and evaluate Star Entertainment&#8217;s endeavors to reclaim its casino permit in light of that report,\u201d he remarked. \u201cThe stakes are substantial for Star Entertainment, hence the NIGA is dedicated to ensuring the casino demonstrates its capacity and suitability to meet the mandated standards.<\/p>\n<p>\u201cThis investigation will furnish the NIGA with the essential data to make crucial decisions concerning Star Entertainment, its personnel, investors, and the wider community.\u201d<\/p>\n<p>The scope of Bell Two will encompass:<br \/>\nStar Entertainment confirmed in a statement issued today that they have been informed of the second Bell Report. <\/p>\n<p>Moving past a thorough examination of the initial Bell Report, the subsequent inquiry will concentrate on the Star Group&#8217;s organizational culture, encompassing its risk management practices and its administrative and reporting frameworks. The examination will also evaluate the Star Group&#8217;s capacity to access financial resources to support Star Casino.<\/p>\n<p>The preliminary report by senior legal counsel Adam Bell uncovered deficiencies in anti-money laundering and social responsibility measures at Star Sydney Casino over an extended period. A year later, a progress report on Star Sydney Casino indicated that the casino had implemented 22 of the 30 recommendations outlined in the Bell Report.<\/p>\n<p>This development arrives at a critical juncture for the Star Group as it endeavors to restore its standing in New South Wales. In September 2022, the group was deemed ineligible to hold a casino license in New South Wales.<\/p>\n<p>The Star Group also confronts a comparable suspension in Queensland, along with four class action lawsuits and potential penalties from AUSTRAC. The majority of these issues stem from its connections with Chinese intermediary operators.<\/p>\n<p>Trading Suspension<br \/>\nThe Star Group stated that the request for a trading suspension was linked to communication from the NICC today. At the time of this release, the operator did not provide any further details regarding the investigation.<\/p>\n<p>However, it did request that the trading suspension remain in effect until it discloses more information about the investigation, or February 21, whichever occurs first.<\/p>\n<p>The Star Group anticipates that the ASX will approve the request for a trading suspension.<\/p>\n<p>The Star Group has agreed to provide an employment protection agreement in New South Wales. <\/p>\n<p>The communication from the NICCs arrives just a few days after Star reached a work security arrangement in the state. The legally binding agreement, achieved last week, compels Star to maintain a minimum workforce at its Sydney locations.<\/p>\n<p>Under the same accord with New South Wales Treasurer Daniel Mookhey, Star will also initiate a trial of cashless and card-only gaming at its Sydney gambling establishment. This serves as a prelude to reforms in New South Wales later this year.<\/p>\n<p>Star also obtained concessions on casino tax rates with the New South Wales government last August. Since then, it has been crafting a transition strategy to stabilize operations at its Sydney casino and curtail further reductions.<\/p>\n<p>**Influence on Financial Outcomes**<br \/>\nRegulatory actions have had a predictable impact on Star&#8217;s financial performance. Last August, Star declared a full-year deficit of A$2.4 billion (\u00a31.24 billion\/\u20ac1.46 billion\/$1.57 billion).<\/p>\n<p>Star indicated that A$2.8 billion in expenditures were categorized as &#8220;significant items&#8221; for the year. These were linked to a range of penalties the operator encountered.<\/p>\n<p>Goodwill and property assets at Treasury in Sydney, Gold Coast and Brisbane reported a non-cash depreciation of A$2.2 billion. There were also A$595 million in regulatory and legal expenses, A$54 million in debt restructuring expenses and A$16 million in redundancy expenses.<\/p>\n<p>These costs, subtracted from the increasing A$317 million EBITDA, resulted in a A$2.4 billion after-tax loss.<\/p>\n<p>**Sign up for the iGaming Newsletter** <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New South Wales Independent Gaming Authority (NIGA) has initiated a second probe into Star Entertainment Group. This follows the casino operator&#8217;s request for a temporary suspension of its stock trading on the Australian Securities Exchange (ASX). This is not the first time Star Entertainment is under scrutiny. Adam Bell, who spearheaded the initial Bell [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Star Entertainment Under Fire Again: NIGA Launches Second Probe<\/title>\n<meta name=\"description\" content=\"NIGA\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Star Entertainment Faces Second Probe by New South Wales Regulator\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"NIGA\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay Ahead of the Game with Our Licensed Online Casino News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T16:08:04+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/\",\"url\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/\",\"name\":\"Star Entertainment Under Fire Again: NIGA Launches Second Probe\",\"isPartOf\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#website\"},\"datePublished\":\"2024-06-25T16:08:04+00:00\",\"dateModified\":\"2024-06-25T16:08:04+00:00\",\"author\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"NIGA\",\"breadcrumb\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-faces-second-probe-by-new-south-wales-regulator\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/freecashnodepositcasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Faces Second Probe by New South Wales Regulator\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#website\",\"url\":\"https:\/\/freecashnodepositcasino.icu\/\",\"name\":\"Stay Ahead of the Game with Our Licensed Online Casino News\",\"description\":\"Stay informed and maximize your gambling experience with our fresh casino news, detailed reviews, and expert insights. 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