Australias financial intelligence agency, AUSTRAC, is expanding its probe into Star Entertainment Group, intensifying the scrutiny on the casino company already under investigation in New South Wales.
Star notified shareholders that the AUSTRAC inquiry, originally centered on its Sydney gaming venue, will now include other businesses within the Star Group. AUSTRAC is instrumental in protecting Australias financial system, striving to thwart illicit activities such as money laundering and funding for terrorism.
While stressing that no conclusions have been reached regarding potential regulatory measures, AUSTRAC has sought additional data and records from Star. Star has committed to complete transparency and assistance with the investigation.
This situation arises as Star is already contending with legal actions brought by the Independent Liquor and Gaming Authority (ILGA), New South Wales’ gambling regulator. Public proceedings are set for March as part of ILGA’s thorough assessment of Star’s Sydney casino license, triggered by grave accusations of wrongdoing.
At the beginning of the week, Blackstone improved its offer for the troubled gaming company, Crown Resorts. The updated proposal of A$13.10 per share (US$9.55) represents a potential savior for the floundering business and has secured the support of Crown’s directors.
