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Media Man Promotions Blog: Star 'not suitable' for casino licence
Star 'not suitable' for casino licence
A period of "deep reflection" is needed at Star Entertainment before the gaming giant is fit to hold a casino licence, an inquiry into its Sydney casino has been told.
The NSW gaming regulator inquiry has examined claims the ASX-listed company enabled suspected money laundering, organised crime, fraud and foreign interference at The Star Sydney as part of assessing its fitness to hold a casino licence.
The 36 day inquiry was told notorious junket Suncity operated an illegal cage at the casino, that the venue flouted rules on China Union Pay debit cards on which $900 million was transacted, and that Star staff lied to banks and did not do enough in dealings with regulators.
There was evidence that Star worked covertly to stop the public hearings taking place.
"We submit that the evidence in the public hearing establishes that The Star is not suitable to hold the casino licence and that its close associate Star Entertainment is not suitable either," counsel assisting Naomi Sharp SC said in closing submissions on Tuesday.
Ms Sharp said Star and its Sydney casino were only at the start of their journey "about what has gone wrong within these organisations".
"There has not yet been the period of deep reflection which of course will be necessary in order to develop a concrete plan about what ... can bring these corporations into a position of suitability," she said.
She urged Adam Bell SC, who is helming the inquiry, to adopt the approach set out in the Finkelstein review of rival Crown Resorts that if "most norms" are infringed then a company's "journey is at its end".
Ms Sharp said there was a lack of supervision in Star's international VIP team, headed by John Chong and then Marcus Lim, with "certain shortcomings" existing on high-value patrons, and failures to notify Star's board.
The inquiry has previously been told a Chinese-born high roller about whom The Star Sydney harboured potential money-laundering concerns turned over more than $2 billion at the venue. There was also testimony of Star staff providing fake source of funds documents to the Bank of China in Macau.
Star's legal team also came in for criticism, with Ms Sharp pointing to "abuse" of legal professional privilege and describing some Star legal practices as unethical.
She attacked evidence of Star lawyers, especially that of ex-chief legal and risk officer Paula Martin, labelling her testimony pedantic, technical, and non-responsive, and arguing she failed to take personal responsibility.
Ms Sharp also critiqued evidence of Star's former general manager of financial crime and investigations, Kevin Houlihan, over his statement she said was "like entering a labyrinth" and "not a forthcoming account".
There was "very considerable concern" about the evidence of former chief financial officer Harry Theodore, while the testimony of former chief executive Matt Bekier, who stepped down earlier this year, was praised as "frank and candid".
On risk management, Ms Sharp described Star's framework as containing "very serious" failings in the international VIP team and within The Star Sydney, and the venue's possible underpayment of gaming duty.
Responsibility for risk shortcomings lay with internal casino divisions, senior management and the board, she said.
Ms Sharp SC outlined 26 areas she would address in closing, including looking at whether Star failed to pay sufficient NSW gaming duties and if it breached continuous disclosure obligations in selective briefings to investors.
There has been a clean-out of Star top brass since the inquiry began, including Mr Bekier, Mr Theodore, chief casino officer Greg Hawkins, Ms Martin and board chairman John O'Neill.
The inquiry continues on Tuesday.
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WWE And A&E Weekly programming news update
WWE And A&E Weekly programming news update
Biography: WWE Legends – Season Two, premiering Sunday, July 10 at 8pm ET/PT
Under the award-winning Biography banner, each two-hour episode will tell the intimate, personal stories behind the success of some of WWE’s most memorable Legends and events. Through rare archival footage and in-depth interviews, each episode explores a different Legend and their immense impact in the WWE universe and on pop culture. Legends featured this season include The Undertaker, Goldberg, The Bella Twins, Lex Luger, Edge, Kurt Angle, Rey Mysterio, D-Generation X and a look at the iconic first-ever WrestleMania.
WWE Rivals – new series premiere Sunday, July 10 at 10pm ET/PT
Actor and former WWE writer Freddie Prinze Jr. leads a roundtable discussion of WWE luminaries to delve into the storylines and dynamic characters behind the epic battles that built the WWE. Each one-hour episode features archival footage from WWE’s library as well as interviews with the Legends involved and the Superstars that watched these rivalries unfold. Rivalries featured this season include “Stone Cold” Steve Austin vs. The Rock, Bret “The Hitman” Hart vs. Shawn Michaels, The Undertaker vs. Kane, John Cena vs. Edge and the “Monday Night Wars” between WCW and WWE.
WWE Smack Talk – new series premiere Sunday, July 10 at 11pm ET/PT
Featuring WWE Legend Booker T, Hot 97 and ESPN host Peter Rosenberg and WWE host Jackie Redmond, each half-hour after show episode breaks down the biggest moments from each Sunday’s episode of “Biography: WWE Legends” and “WWE Rivals” as well as reveals new information that didn’t make the cut. Along the way, Booker, Peter and Jackie will welcome WWE Legends, current Superstars and other celebrity guests to further discuss the night’s events.
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