The company said it will review the details of the proposed reforms and the potential implications for its operations.
Australia.- The Star Entertainment Group has stated that it will fully cooperate with New South Wales’ gambling reforms announced this week by Kevin Anderson, minister for hospitality and racing. Under reforms, the company will be subject to regular public reviews of its casino licences.
In addition to providing full and frank disclosure of requested information, the company will be required to notify the Independent Casino Commission (NICC) of any breach or likely breach of the law. The regulator will assign independent compliance auditors that the company must hire to review compliance.
Other new measures include a phasing out of cash transactions over $1,000 per day – players will need to use cards. Casino operators will also have to provide regulators with continuous access to gaming data as pubs and clubs have done for years.
New South Wales’s new gaming watchdog could levy fines of up to AU$100m on NSW casinos that are found guilty of “serious wrongdoing”.
In May, Naomi Sharp SC, counsel assisting the New South Wales inquiry into The Star Entertainment Group said that the company was not suitable to hold a casino licence in Sydney. She said the casino operator displayed unethical behaviour within its legal team and engaged in dubious practices. Despite the resignation of several executives, she said the casino should not have a licence.
The public hearings on The Star Sydney will continue until August 31.
Victoria introduces new laws to restrict gambling
The Victorian Government has introduced 12 more measures from the 33 recommendations made by Judge Raymond Finkelstein, who led the state of Victoria’s inquiry into Crown Resorts.
As a result of new legislation, every Australian resident who uses the pokies must set a maximum loss limit before playing. Crown will be given until the end of 2023 to implement the mandatory pre-commitments, with full implementation needed no later than 2025. Customers will be able to see any loss limit they choose.
Other new measures include limiting cash transactions to $1,000 per 24 hours in a bid to crack down on money laundering. Meanwhile, Crown will be made to pay for the cost of regulating the casino and the Victorian Gambling and Casino Control Commission will have to approve any ownership of more than 5 per cent of the casino operator.