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Star Entertainment Gets $67.9 Million Fine
It was earlier this year that the Australian Star Entertainment Group came under suspicion by the government, of participating in money laundering schemes. Moreover, an investigation showed that the brand had several other disruptions of casino regulations.
It took the Queensland government some time to process the evidence and decide on a punishment. The brand was recently fined $67.9 million for its illegal operations and has been given a period of a year to get its house in order. Time will tell if the brand will get its act together.
The Australian Casino Brand Is Under Strict Scrutiny
Regulations exist to be followed. There are special bodies that make sure casinos perform their operations according to the regulations. Casino operators can think of them as rules they need to follow to stay operational and qualify for a license if they’re new to the scene.
Star Entertainment Group decided to go its own way which is why the brand has been fined such a substantial sum of money. The brand’s casinos had been participating in money laundering schemes and had numerous other irregularities.
The Queensland government was also looking into taking the brand’s license and decided to not go down that road. Instead, the brand is given a period of 12 months to change its ways from management down to day-to-day operations.
The brand will have to pay the fine and will need to do some restructuring. Moreover, they need to fix all their issues if they’re looking to recover from this kind of blowback. The brand’s stocks will probably lower in value as a result of the current situation of the brand. Furthermore, the people in charge of the brand will need to make other heavy decisions.
Everyone associated with the issue is likely going to be out of a job. The brand needs to rebuild itself from scratch and change its image to show that it understands the seriousness of the situation. It has a year to pull itself together. It’s a test period for the brand as its future depends on it.
Everyone that’s not following regulations should be punished accordingly. That’s why the Queensland government has fined Star Entertainment Group and is giving it a period of a single year to get its act together. The casino brand is a popular one in Australia which is why it will need to do a better job.