Australia’s largest casino operator suspended amidst scandal, regulatory scrutiny

Star Entertainment Group, Australia’s largest publicly traded casino operator, has been temporarily suspended from the Australian Securities Exchange (ASX) following its failure to submit annual financial results. The suspension underscores the deepening crisis facing the casino giant, which operates high-profile venues in Sydney, Brisbane, and the Gold Coast.

The ASX delisted Star Entertainment on Monday after the company halted trading of its shares last Friday. This move came in the wake of a severe report from the New South Wales Independent Casino Commission (NICC), which accused the operator of failing to address serious issues related to money laundering and fraud.

The NICC’s report highlighted ongoing governance and cultural problems at Star Entertainment, which were first raised in a 2022 inquiry that deemed the company unfit to hold a casino licence. NICC Chief Commissioner Philip Crawford criticized the operator for only recently beginning to tackle these longstanding issues. “It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier,” Crawford remarked. “It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviours with its licence still suspended.”

The casino’s troubles follow a similar case involving its rival, Crown Resorts. In April, Crown Resorts was deemed suitable to hold a licence after addressing compliance issues revealed in a 2021 inquiry that exposed its connections to international criminal syndicates.

As the investigation continues, the timeline for Star Entertainment’s return to trading remains uncertain, leaving investors and stakeholders in suspense over the future of Australia’s largest casino operator.