SummarySummary Companies Star's Sydney casino license to be suspended on Oct. 21Manager appointed for Sydney casino for 90 daysFine after Star failed to prevent money laundering, criminal activityStar fined $62 million as part of disciplinary actionSYDNEY, Oct 17 (Reuters) - Australia's Star Entertainment Group (SGR.AX) said on Monday a regulator-appointed manager would be stepping in to run its Sydney casino after an investigation by an independent commission found it had failed to prevent money laundering and criminal activity. The firm was fined A$100 million ($62 million) by the New South Wales Independent Casino Commission (NICC), which also suspended its license to operate the casino in Sydney, effective Oct. 21, Star said in a statement. Register now for FREE unlimited access to Reuters.com RegisterThe suspension period will be crucial for Star to prove its merit to hold a casino license. Weeks' authority as a manager of Star's assets are limited to the operational needs of the casino. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections.

Source: thestar October 17, 2022 05:46 UTC