Star Sydney’s current and former executives are about to be hauled before Adam Bell, SC, for a second time in 18 months – and the stakes are high.
And in less than two weeks, Star Sydney’s current and former executives will be hauled before Adam Bell, SC, forThe first probe by the Sydney barrister found The Star unfit to operate its Sydney casino and revealed extensive anti-money laundering and counterterrorism failings had festered for years beneath the surface of the once dubbed “cleanskin” business, confirming allegations first unveiled in aThe casino regulator, the NSW Independent Casino Commission, has rolled out Bell again to decide...
Star Sydney made up more than two-thirds of The Star’s overall earnings before COVID-19 and the demise of its reputation. While it’s unlikely to return to that same mix any time soon, if Star Sydney closes, the parent company could end up in administration.The Sydney casino – the company has two others, on the Gold Coast and in Brisbane – employs more than 3000 people, has 650 hotel rooms and contributes millions of dollars in taxes to the state government each year.
The struggling business has invested some $68 million into its remediation and compliance efforts. Of that amount, Weeks receives $75,000 a month to monitor the Sydney business, according to recent disclosures to NSW parliament. This means his yearly pay packet of more than $1 million is about a quarter of Star Sydney’s total revenue over the six months to December .
Crawford could lift the suspended licence and issue a conditional one to The Star under an agreed remediation action plan. This is what was imposed on Crown Sydney after Blackstone bought the business in 2022. Given Cooke’s resignation was quickly followed with a major regulatory win for its biggest rival, Crown Resorts in Melbourne, it’s no wonder all eyes are on whether Blackstone, or any other private equity or hospitality outfit, makes a long-mooted bid for the embattled business.
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