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Edited by Kapil334 at 21-12-2023 10:58 AM
A spokesperson from the NICC confirmed that the celebrity must demonstrate their ability to operate independently within six months. The Star Entertainment Group has six months to regain its license to avoid the risk of closure. Reportedly, the New South Wales regulatory authority is dissatisfied with The Star's ability to conduct business without oversight.
The regulatory issues for The Star Entertainment have been ongoing for some time. Following an investigation by the New South Wales Independent Liquor and Gaming Commission (NICC) last year, its casino license was revoked due to multiple instances of anti-money laundering and counter-terrorism financing failures.
Subsequently, an independent manager was appointed to oversee The Star's assets in Sydney to ensure the company could execute its remediation plan. However, the National Independent Certification Center (NICC) does not believe that The Star Entertainment has reached a point where the license revocation can be lifted, as they doubt the company's ability to operate a casino without supervision.
A spokesperson from NICC confirmed that if the celebrity cannot prove their capability for independent operations within six months, they may face the risk of license revocation.
Regulatory authorities in New South Wales and Queensland have agreed to extend the deadline, continuing to appoint an independent manager to oversee The Star Entertainment's operations. The company also mentioned that this would be the final extension for the manager's term.
NICC expressed strong dissatisfaction as many of the remediation measures undertaken by The Star Entertainment were led by independent manager Nicholas Weeks rather than decisions made by the casino company itself.
Moreover, regulatory authorities are skeptical about whether the remediation plan proposed by New South Wales is sufficient to restore The Star Entertainment's license. NICC is also concerned that, with a significant portion of the executive team remaining unchanged, the company may revert to a profit-driven culture once the independent manager's term ends.
However, a spokesperson for a Sydney celebrity argued that the company is steadfast in strictly implementing the remediation plan. The celebrity's team stated that they are pleased to have had the opportunity to work with Manager Weeks for such a long time and are glad his term has been extended three times.
In any case, The Star Entertainment is facing a tough battle to retain its license. The company must ensure normal business operations and proactively take remedial measures.
Recently, news about the renegotiation of tax rates in New South Wales has started to emerge.
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Post time 18-12-2023 20:28:50