The saga with The Star Sydney continues with the appointment of an independent monitoring entity, which will supervise the casino’s operations while the New South Wales’ incoming Independent Casino Commission (NICC) takes over the current Independent Liquor & Gaming Authority (ILGA) on September 5.
NICC to Receive the Adam Bell SC Report After It Assumes Its Duties
ILGA has already received the report from Adam Bell SC independent review of The Star Sydney operations. As the new regulator, NICC is about to take over the supervision of the casino industry the report will be handed over to it.
In the meantime, Wexted Advisors has been hired as an independent monitoring expert. It will assist the NICC to take a better look at the situation, analyze any failings, and taking a stand regarding the Bell report. Eventually, after the new NSW regulator has taken the necessary steps to make certain decisions about the faith of The Star Sydney, the Adam Bell SC review will be released to the public.
Star Entertainment revealed just a few weeks ago that it has hired Allen & Overy Consulting as an independent expert. The consultant is going to help Star supervise its reform program, which aims to make the necessary changes in order for Star Sydney to become compliant with regulatory requirements.
The Star Sydney’s Hardships Have Been Going on For Months
The Star Sydney’s troubles started when the ILGA kicked off the Adam Bell SC Review back in September 2021. The review was commissioned after discoveries regarding discrepancies in The Crown Sydney were revealed under the Bergin Inquiry.
Following 26 hearings by the ILGA, many failings were revealed leading to The Star Sydney not being deemed fit to hold its license in New South Wales.
It was uncovered that similar to Crown Resorts’ casinos The Star Sydney also ran a scheme with Chinese UnionPay cards, which were used for gambling transactions disguised as hotel accommodation.
It also turned out that The Star Sydney let the Macau junket operator run its own cage at the casino, something, which is illegal, according to gambling regulations.
Other revelations were regarding suspicious transactions for $1.3 billion from Huang Xiangmo, a dubious Chinese billionaire, which The Star Sydney never investigated in order to find out where his income has come from.
Despite the many failings in terms of money laundering controls, illegal transactions, and other breaches of gambling regulations, The Star Sydney was not permanently stripped of its license in New South Wales. It was offered a plan for a path to suitability.