Dow Jones Newswires: Star outlines overhaul plan in effort to retain Sydney casino license
SYDNEY — Star Entertainment Group Ltd. SGR,
Star on Tuesday said the plan would be “a multi-year transformation” of the governance, accountability and capabilities, culture, and risk and compliance management practices of the organization.
“We intend to do whatever is necessary, in consultation with NSW Independent Casino Commission, to restore The Star Sydney to suitability,” said the company in a regulatory filing.
“We submit that the appropriate action NICC should take is to allow The Star Entertainment Group to continue to operate the license, under strict supervision and being held accountable to the milestones on the remediation plan,” it said.
Star said it has already increased risk, compliance, and security staff, and approved of upgrades to surveillance technology. It will also permanently exit junkets and close the Marquee nightclub.
Allen & Overy has been appointed by the company as an independent monitor to provide assurance and reporting to the board and regulators on the progress of Star’s remediation program
The report’s findings don’t necessarily mean Star will need to give up the Sydney casino, as authorities could later deem that the company is suitable to run the casino if it makes certain changes. Star Tuesday said it accepted the findings of the report, “including the finding of unsuitability.”