Terms for Star Special Managers in Queensland and NSW Extended
It seems it is one piece of bad news after another lately for the Star Entertainment Group. Fortunately, the company has received some good news in a pair of extensions for its Special Managers in NSW and Queensland.
The Star Sydney’s Special Manager term has been extended to 30 June 2024. Meanwhile, the Special Manager for Star Gold Coast and Treasury Brisbane is extended until 8 December 2024.
Star Sydney Special Manager Term Extended Until 30 June 2024
Top Australian Gambling learned on Friday, that the Star Entertainment Group announced that both its Special Managers have had their terms extended. The first is for The Star Sydney in NSW. According to ASX Filings by the company, the term of Nicholas Weeks as Special Manager of The Star Sydney will be extended until 30 June 2024.
The filing states that the extension was granted by the New South Wales Independent Casino Commission (NICC) so that the company can prove that it can enact the remedial actions required for the casino to retain its casino license.
The NICC has told Star Entertainment that this is the final extension for its Special Manager. It will decide on The Star Sydney by the end of the term and could even shorten the Special Manager’s tenure if it feels appropriate.
Queensland Special Manager Term Extended By 12 Months
Also announced on Friday was the term extension for the Special Manager for Star Gold Coast and Treasury Brisbane. The new term is due to end on 8 December 2024. It was also revealed that the license suspensions for both casinos are now deferred until 31 May 2024.
According to Star, they must demonstrate to the Queensland Government that it can execute its Remediation Plan. This must be done before the 31 May 2024 suspension date. The company also announced that its Remediation Plan had received approval from Queensland Attorney-General Yvette D’Ath.
The Remediation Plan has approximately 640 milestones to achieve across 15 workstreams. These milestones are to be met over a multi-year period. Star CEO Robbie Cooke spoke on the plan, stating, “We’re pleased to have our Remediation Plan approved in Queensland. It’s an important step on our path to returning to suitability in Queensland and will track and hold us accountable throughout the multi-year program we are committed to delivering.
“At the same time, we are fully aware that successful implementation of the Remediation Plan will require the utmost rigour and discipline.
“We need to regain the trust and confidence of all our stakeholders and communities and continue to have an unwavering focus on transformation. That comes from a clear understanding that holding casino licences is a privilege, not a right.”
The Star is still working towards having its Remediation Plan for Star Sydney approved by NSW.
Extensions Are a Positive Sign for Casinos Involved
The extensions of the terms for both Special Managers can only be seen as a good sign for Star Entertainment’s chances of retaining its casino licenses. If they were not showing ample progress towards remediation, it is unlikely that regulators would allow them to continue.
Attorney General D’Ath spoke on the matter, stating, “The Star’s remediation and return to suitability to hold a casino licence will not be simple or quick and requires cultural change across the organisation.” However, her statement does keep the door open that a return to suitability is possible.
Since the start of this saga, we felt that the government would work to find a way to bring all casinos back to suitability. It was just a matter of the casinos taking the steps and paying the appropriate penance. Star has set aside over $600 million in FY24 for remediation costs and legal fees. Now, it is just a matter of showing the government that they can operate according to Australian gambling laws.
