The Star Sydney has the potential to regain its casino license by the end of September, contingent upon its adherence to specific conditions and ongoing regulations. The New South Wales Independent Casino Commission (NICC) indicated that The Star will conclude its ongoing challenges when the term of the government-appointed manager, Nick Weeks, expires, although Weeks is expected to remain engaged in the process.
The casino's license has been suspended since October 2022, following the findings of the Bell Inquiry, which highlighted serious shortcomings in the company's anti-money laundering protocols, VIP management, and corporate governance.
For The Star to reclaim its license, it must meet and maintain strict regulatory compliance. Additionally, the NICC plans to perform another suitability review in the next 12 to 18 months.
Currently, the company is grappling with financial and regulatory pressures, including an anticipated loss of AU$307 million for FY2026. The Star is also embroiled in a case with AUSTRAC, facing potential costs around AU$400 million related to alleged breaches of anti-money laundering legislation. In August, the company incurred an additional fine of AU$500,000 due to a gambling incident involving minors.
Even if The Star regains control of the casino, it will remain under the microscope of regulators. The NICC is expected to reassess the company's suitability and compliance with the Casino Control Act's Section 31 within the coming year.
