By the conclusion of September, The Star Sydney may have the opportunity to reclaim its casino license, contingent on meeting specific conditions and adhering to ongoing regulations. The NSW Independent Casino Commission (NICC) indicated that The Star will finalize its challenges with the end of the term of government-appointed manager Nick Weeks. Despite this, Weeks is likely to continue playing a role in the proceedings.
The Star's casino license has been suspended since October 2022, following the findings of the Bell Inquiry, which highlighted severe shortcomings in the company's anti-money laundering protocols, VIP management practices, and overall corporate governance. To regain its license, the company must both comply with stringent regulations and demonstrate continued adherence. Additionally, the NICC plans to carry out a further suitability review in the span of 12 to 18 months.
Currently, The Star is grappling with financial and regulatory challenges, including a projected loss of AU$307 million for FY2026 and a legal situation with AUSTRAC, which may impose approximately AU$400 million in penalties for alleged breaches of anti-money laundering laws. In August, the casino faced a fine of AU$500,000 related to incidents involving underage gambling.
Regaining the license will not alleviate regulatory scrutiny. The NICC is expected to assess The Star's suitability under Section 31 of the Casino Control Act in the next year or so, leaving the company in a precarious position as it seeks to reclaim control of the casino.
