The Australian financial intelligence agency, AUSTRAC, is broadening its inquiry into Star Entertainment Group, extending its initial scrutiny of the Sydney Star casino.
In a statement to the Australian Securities Exchange, Star Entertainment revealed that AUSTRAC’s probe, which commenced in June 2021, is expanding its purview. Tasked with safeguarding the financial system from illicit activities, including major criminal networks, AUSTRAC serves as Australia’s financial crime watchdog.
Star Entertainment affirmed that AUSTRAC has not yet determined any regulatory measures, such as potential litigation. The company underscored its dedication to complete cooperation with AUSTRAC’s requests for data and records.
This development coincides with Star Entertainment facing examination from the Independent Liquor and Gaming Authority (ILGA), the gaming overseer in New South Wales. ILGA is gearing up for open hearings in March within its assessment of Star’s Sydney casino license, prompted by claims of managerial shortcomings.
At the beginning of this week, the casino operator Crown Resorts, which is currently facing difficulties, obtained a modified non-obligatory acquisition proposal from a group headed by Blackstone, the private equity behemoth, and its associated entities. The enhanced proposition suggests procuring all remaining shares of Crown for A$13.10 (US$9.55) per share in cash. Crown’s board of directors has signaled its endorsement of the offer.