The board said Star is experiencing a “significant and rapid deterioration in operating conditions”, particularly at its Sydney and Gold Coast casinos, driven by regulatory restrictions and weaker consumer spending. It also plans to ask the NSW government, the Queensland government and regulator Austrac for flexibility regarding payment terms for current and future penalties regarding its past money-laundering violations.īoth Queensland and NSW slapped the casino group with $100m fines last year and Star has set aside $150m for potential fines from Austrac, the Australian Transaction Reports and Analysis Centre, which regulates compliance with money-laundering laws.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup The cash-strapped group is progressing the sale of the Sheraton Grand Mirage Gold Coast, with indicative bids expected shortly.
