The Star Entertainment Group is showing “steady improvements” in its Sydney, Australia remediation plans – but is not yet ready to regain its casino licence.
The New South Wales Independent Casino Commission (NICC) has extended the company’s licence suspension for six months until at least September 30.
Nick Weeks, the special manager overseeing The Star’s efforts to action its remediation plan, will extend his role in parallel with the licence suspension extension.
NICC chief commissioner Philip Crawford said The Star’s recent remediation submissions demonstrated “steady improvements.”
But while he said he felt confident that the operator is “moving in the right direction,” he added that uncertainty around The Star’s financial situation meant progress has been slow.
“The next six months is a critical phase for The Star as it will need to show further progress with its remediation activities whilst also stabilising its finances,” Crawford said.
The Star has received material interest from Bally’s Corporation as it looks to steady the ship. Indeed, The Star’s largest shareholder has approved the plan.
Meanwhile, The Star has agreed to sell all of its assets in Brisbane in return for full ownership of key Gold Coast assets in another deal aimed at shoring up the company’s finances.
Across Australia, The Star has had its Gold Coast casino licence suspension deferred by the Queensland government.
