{"id":259,"date":"2024-06-28T13:37:16","date_gmt":"2024-06-28T10:37:16","guid":{"rendered":"https:\/\/vegas2web.icu\/2024\/06\/28\/star-entertainment-faces-second-bell-inquiry\/"},"modified":"2024-06-28T13:37:16","modified_gmt":"2024-06-28T10:37:16","slug":"star-entertainment-faces-second-bell-inquiry","status":"publish","type":"post","link":"https:\/\/vegas2web.icu\/2024\/06\/28\/star-entertainment-faces-second-bell-inquiry\/","title":{"rendered":"Star Entertainment Faces Second Bell Inquiry"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/pD734AKB0jc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The New South Wales Autonomous Gaming Authority (NSWA) has validated a subsequent investigation into Star Entertainment Group, succeeding the casino operator&#8217;s plea to have its common stock halted from trading on the Australian Securities Market (ASM).<\/p>\n<p>Star Entertainment is under examination once more, with a second Bell Investigation being carried out. Adam Bell, QC &#8211; recognized for conducting the initial Bell Report &#8211; has been designated to lead the second investigation, nicknamed Bell Two. The investigation began today (February 19) and will continue for 15 weeks. The concluding report is expected on May 31, 2024.<\/p>\n<p>NSWA Head Philip Crawford stated the second Bell Report will assess how Star Entertainment has strived to enact the suggestions from the first Bell Inquiry.<\/p>\n<p>&#8220;Bell Two will permit us to re-examine the Bell Report and Star Entertainment&#8217;s endeavors to regain its casino permit in the shadow of that report,&#8221; he stated. &#8220;The risks are substantial for Star Entertainment, thus the NSWA is granting the casino every opportunity to demonstrate its capability and capacity to attain suitability.<\/p>\n<p>&#8220;The investigation will provide the NSWA with the essential data to make significant decisions regarding Star Entertainment, its personnel, its stakeholders and the wider community.&#8221;<\/p>\n<p>What will Bell Two encompass?<br \/>\nStar Entertainment confirmed in a statement released today that it has been informed of the second Bell Report. <\/p>\n<p>Moving beyond the analysis of the initial phase of the Bell Report, the second inquiry will delve into Star&#8217;s internal environment, encompassing its risk management practices and its administrative and reporting frameworks. The investigation will also probe whether Star can secure the necessary financial resources to sustain its gambling operations.<\/p>\n<p>Adam Bell&#8217;s initial report highlighted Star Sydney&#8217;s shortcomings in anti-money laundering and social responsibility over an extended period. A year later, an assessment of Star Sydney&#8217;s progress revealed that the casino had implemented 22 of the 30 measures recommended in the Bell Report.<\/p>\n<p>This setback arrives as Star endeavors to rehabilitate its image in New South Wales. In September 2022, the casino was deemed unfit to hold a casino license in the state.<\/p>\n<p>Star also confronts a comparable suspension in Queensland, along with four class-action lawsuits and potential penalties from the Australian Transaction Reports and Analysis Centre. Much of this stems from its dealings with Chinese intermediary operators.<\/p>\n<p>Trading Suspension<br \/>\nStar stated that the request for an immediate suspension of trading was linked to communication from the National Casino Commission today. At the time of this statement, the operator did not divulge any further details regarding the investigation.<\/p>\n<p>However, it did request that the trading suspension remain in effect until it releases additional information about the investigation, or February 21, whichever occurs first.<\/p>\n<p>Star added that it anticipates the Australian Securities Exchange to approve the request for a trading suspension.<\/p>\n<p>Star has entered into an agreement that will safeguard employment opportunities in New South Wales. <\/p>\n<p>The communication from the NICCs arrives shortly after Star secured a job security pact in the state. The legally binding accord, finalized last week, mandates that Star maintain a minimum workforce at its Sydney facility.<\/p>\n<p>Under the same accord with New South Wales Treasurer Daniel Mookhey, Star will also commence a trial of cashless and card-only gambling at its Sydney casino. This serves as a prelude to reforms in New South Wales later this year.<\/p>\n<p>In August of last year, Star also reached an understanding with the New South Wales government regarding casino tax rates. Since then, the company has been formulating a transition plan to stabilize operations at its Sydney casino and curtail further reductions.<\/p>\n<p>**Effect on Financial Performance**<\/p>\n<p>Regulatory actions have had a predictable effect on Star&#8217;s financial performance. Last August, Star declared a full-year deficit of A$2.4 billion (\u00a31.24 billion\/\u20ac1.46 billion\/$1.57 billion).<\/p>\n<p>Star indicated that A$2.8 billion in expenditures were classified as &#8220;substantial items&#8221; for the year. These are connected to a series of penalties imposed on the operator.<\/p>\n<p>Goodwill and property assets at its Sydney, Gold Coast, and Brisbane holdings reported a non-cash impairment of A$2.2 billion. There were also A$595 million in regulatory and legal expenses, A$54 million in debt restructuring expenses, and A$16 million in redundancy expenses.<\/p>\n<p>These costs, minus a rising A$317 million in EBITDA, resulted in a A$2.4 billion after-tax loss.<\/p>\n<p>Sign up for the iGaming Newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The New South Wales Autonomous Gaming Authority (NSWA) has validated a subsequent investigation into Star Entertainment Group, succeeding the casino operator&#8217;s plea to have its common stock halted from trading on the Australian Securities Market (ASM). Star Entertainment is under examination once more, with a second Bell Investigation being carried out. Adam Bell, QC &#8211; [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Star Entertainment Under Second Bell Investigation<\/title>\n<meta name=\"description\" content=\"Star Entertainment Group faces another investigation, led by Adam Bell, QC, following the initial Bell Report. 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