Star Entertainment Asked to Pay AU$15 Million in Fines; Sydney Casino Remains Suspended

MT Newswires Live10-17

Star Entertainment Group (ASX:SGR) will fork out AU$15 million as a penalty for multiple breaches while the license of its Sydney casino will remain suspended, adding to a barrage of problems facing the embattled gaming operator.

Philip Crawford, chief commissioner of the New South Wales Independent Casino Commission (NICC), revealed the decision Thursday morning during a Sydney press conference, as reported by multiple media outlets. He said the ASX-listed company will be allowed to continue operations of its Sydney casino but under government supervision.

Star's shares have plummeted more than 50% this year amid a series of financial woes, with a statutory loss after tax of AU$1.68 billion in the financial year ended June 30.

In an Australian bourse filing on Thursday, the company confirmed the receipt of correspondence from the NICC regarding its regulatory response to the Bell Two report and requested a trading halt, pending the release of an announcement.

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