Star Sydney to face ILGA review
Star Sydney will face a review to establish whether it is suitable to continue operating and is complying with statutory obligations.
Australia.- The Crown Resorts scandal has put the Australian casino industry in the spotlight and regulators are taking a closer look at all casino operations across the country.
The NSW Independent Liquor & Gaming Authority (ILGA) has now asked Adam Bell SC, the counsel assisting the NSW inquiry into Crown, to conduct a review into The Star Sydney.
The review, required by the Casino Control Law, will decide whether The Star Sydney is working inside the limits of consistency.
Philip Crawford, ILGA chair, said that Bell’s experience and deep understanding of the current casino landscape will be invaluable for the role. Bell will share the results of the investigation to the New South Wales regulator by late January 2022.
The Star said it will fully cooperate with the review and any requests for information and documents. The last review of Star was conducted by Dr Horton QC and was completed in 2016.
Star Entertainment posts revenue of AU$1.56bn for FY21
Star Entertainment Group has shared financial results for its fiscal year, reporting revenue of AU$1.56bn with a statutory EBITDA of AU$427m, up 51 per cent.
Its Queensland venue saw record earnings from domestic gaming revenue amid Covid-19 restrictions that materially impacted revenues and earnings. Star Sydney, which closed on June 25 and remains shut, saw a decline in gross revenue of 30 per cent to AU$832m, with a 96 per cent decline in VIP and a 10 per cent decline in domestic revenues.
The Gold Coast property saw gross revenue fall 28 per cent year-on-year, including a 100 per cent fall in VIP revenue while domestic revenues were up 26 per cent. Domestic gaming revenue at Star Gold Coast was also up 18 per cent in the second half.
Star Brisbane recorded a 38 per cent growth in domestic revenue. The figure was up 3 per cent year-on-year despite shutdowns in January, March and June. Group slots revenue for the second half was up 4 per cent.
According to its financial report, the casino operator will be focusing on international premium mass and direct premium customers once borders reopen.
