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NSW casino regulator considering future of Sydney casino license after latest Bell Report finds Star still unsuitable

Ben Blaschke by Ben Blaschke
Fri 30 Aug 2024 at 19:14
Star Entertainment Group falls to AU$95 million loss in FY20 but domestic gaming showing signs of recovery

The Star Sydney

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The future of Star Entertainment Group’s Sydney casino license remains in limbo after the New South Wales casino regulator said it is “considering next steps” due to confirmation that a second inquiry into Star’s operations had found the company is still not suitable to run the casino at The Star Sydney.

The NSW Independent Casino Commission (NICC) on Friday made public two of the three volumes of the Bell Report compiled by Adam Bell SC following a second inquiry into Star’s suitability, adding that it had also forwarded the contents of the report onto Star itself.

In response, Star entered into a trading halt to consider the report and its implications and postponed the release of its FY24 financial results, which had been due for publication on Friday morning.

In a statement, the NICC said the findings and recommendations contained within the second Bell Report – the first in 2022 having also recommended a finding of unsuitability – had validated the concerns that initially prompted it to call a second Inquiry.

However, it stopped short of determining any specific action against Star in the short term or of confirming whether or not Star would be allowed to remain operator of the Sydney casino.

“The Bell Report reveals a company that had not moved quickly enough to address the governance and cultural concerns raised in the first Bell Report,” said NICC Chief Commissioner Philip Crawford.

“It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier.

“The Bell Report notes that [recently appointed] Mr Steve McCann Group CEO, Ms Janelle Campbell Sydney CEO and Ms Jeannie Mok Group Chief Operating Officer, bring important experience and expertise to the process of engagement with regulators, remediation and cultural transformation which will be vital if the NICC decides that The Star should remain as the operator of The Star Casino.

“The level of transparency and cooperation has certainly improved since their appointments. However, the Bell Report underscores the NICC’s concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritise an urgent business turnaround.

“The NICC is responsible for regulating an industry that is highly vulnerable to criminal infiltration and we are tasked with setting regulatory standards that meet the community’s expectations.

“It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviours with its licence still suspended.”

The NICC added that it is “contemplating Mr Bell’s findings … and will respond in due course.”

The Bell Report states that, based on evidence presented during the most recent inquiry, Star is “currently falling short of what is required from a suitable casino operator.”

Specifically it notes the lack of strong leadership in the period between the first and second inquiries into its suitability, including the absence of a dedicated CEO for The Star Sydney prior to the recent appointment of Ms Campbell.

While responsibility for The Star Sydney had been assumed by Star Entertainment Group, the fact that the wider group was distracted by “a number of ‘existential threats’ during the relevant period … [including] financial crises, legal actions by regulators, class actions and disputes and litigation in relation to the Queens Wharf Brisbane project” meant the Sydney property lacked effective governance.

The Bell Report describes Star’s executive leadership team during this period as “dysfunctional”, stating that “The Star Entities remain presently unsuitable to be concerned in or associated with the management and operation of The Star Casino.”

The recommendation that Star remain unsuitable follows a series of damning revelations emanating from the recent Bell inquiry – most notable being that CEO Robbie Cooke and Chairman David Foster – both since departed – had plotted to remove Special Manager Nick Weeks as well as lobbying to replace the regulator entirely.

The inquiry also revealed evidence that Star had falsified records in regard to welfare checks on customers seen gambling for more than three hours at a time, as required under current regulations.

Since the inquiry, Star has taken significant steps to address its internal issues – most notably by way of appointing Steve McCann, who played a key role in helping local rival Crown Resorts return to suitability in Sydney and Melbourne, as its new CEO and Managing Director.

Ironically, the term of Special Manager Weeks was recently extended for at least another six months until 31 March 2025.

In a Friday filing, Star said it is considering the Bell Report and the implications it may have for disclosures concerning its financial results for the year ended 30 June 2024.

It also said it intends to respond to “other matters raised” in media articles referring to its FY24 and its broader financial and liquidity position.

Tags: Adam BellAustraliaBell Reportcasino licenseNSW Independent Casino CommissionStar Entertainment GroupSteve McCannThe Star (Sydney)unsuitable
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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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