The Star Entertainment Group Limited is an Australian
gambling
Gambling (also known as betting or gaming) is the wagering of something of value ("the stakes") on a random event with the intent of winning something else of value, where instances of strategy are discounted. Gambling thus requires three ele ...
and entertainment company.
The company was formerly known as Echo Entertainment.
Properties
The Star Entertainment owns and operates the
Treasury Casino & Hotel,
and
The Star, Sydney
The Star Sydney (formerly Star City Casino and prior to that, Sydney Harbour Casino) in Pyrmont, Sydney, is the second largest casino in Australia after Melbourne's Crown Casino. Overlooking Darling Harbour, The Star, owned by Star Entertainm ...
.
[http://www.smh.com.au/business/echo-entertainment-groups-star-performer-set-for-makeover-20150204-135gua.html ] Star Entertainment holds two out of Queensland's four casino operation licenses.
The group also manages the
Gold Coast Convention & Exhibition Centre
The Gold Coast Convention and Exhibition Centre (GCCEC) is located on the Gold Coast Highway in Broadbeach, Queensland, Australia. The venue was opened on 29 June 2004 at a cost of A$167 million and is linked by a covered walkway to The S ...
on behalf of the Queensland Government.
[ ]
Queen's Wharf Brisbane
The
Queensland Government
The Queensland Government is the democratic administrative authority of the Australian state of Queensland. The Government of Queensland, a parliamentary constitutional monarchy was formed in 1859 as prescribed in its Constitution, as amended f ...
announced on 20 July 2015 that Echo Entertainment as 50%
joint venture
A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
partner of the Destination Brisbane Consortium was the preferred tenderer for
Queen's Wharf, Brisbane
Queen's Wharf is a multipurpose residential and entertainment precinct under construction on either side of William Street in the central business district of Brisbane, Australia. The megaproject is the largest development undertaken in Queen ...
, beating rival
Crown Resorts
Crown Resorts Limited is Australia's largest gaming and entertainment group that owns and operates two of Australia's leading gambling and entertainment complexes, Crown Melbourne and Crown Perth. It was listed on the Australian Securities E ...
. Echo has two Hong-Kong based joint venture partners
Chow Tai Fook Enterprises
Chow Tai Fook group is a Hong Kong–based, privately-owned conglomerate with holdings in the jewellery, property development, hotel, department store, transportation, energy, telecommunications, port, casino, and other businesses. Despite the ...
and Far East Consortium. The two joint venture partners will each contribute 25% of the capital to develop the integrated resort and will also jointly pay for the apartment and broader Queen's Wharf developments.
Controversy
In 2021 a joint report by the Sydney Morning Herald the Age, and the television program
60 Minutes
''60 Minutes'' is an American television news magazine broadcast on the CBS television network. Debuting in 1968, the program was created by Don Hewitt and Bill Leonard, who chose to set it apart from other news programs by using a unique st ...
, found that Star management had been warned that it's anti-money laundering controls were inadequate and that between 2014 and 2021 Star had attempted to recruit
high roller
A high roller, also referred to as a whale or cheetah, is a gambler who consistently wagers large amounts of money. High rollers often receive lavish " comps" from casinos to lure them onto the gambling floors, such as free private jet transfer ...
s who were allegedly linked to criminal or foreign-influence activities. In response to the report Star stated that it was " "concerned by a number of assertions within the media reports that it considers misleading." And also stated that it would take steps to address the allegations with Australian authorities. Following the report shareholders began forming a class action lawsuit against Star and inquiries were launched by Queensland's, Western Australia's, Victoria's, and New South Wales's state gaming regulators.
On 13 September 2022 the NSW Independent Casino Commission (NICC) published a report finding The Star unsuitable to hold its Sydney casino license because of its conduct relating to
money laundering
Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdicti ...
risks. It had 14 days to respond. The company was fined A$100m ($62m) as a result. Star's gambling license was suspended and operations at Piedmont were placed under a new manager Nicholas Weeks.
In late 2022, the Queensland Government also found Star unsuitable to hold its dual state casino licences.
Former Court of Appeal Judge
Robert Gotterson
Robert William Gotterson AO (born 28 December 1949) is an Appeals Court justice at the Supreme Court of Queensland. He became Queen's Counsel in 1988 and previously served as president of the Bar Association of Queensland, the Australian Bar Ass ...
conducted an independent review of the matter.
Queensland Attorney-General
Shannon Fentiman found Star misled regulators and failed in its anti-money laundering duties.
The company has been served a statement of claim for a securities class action in the Supreme Court of Victoria. The class action alleges
Star Faces Second Class Action Lawsuit for Non-Compliance
that Star breached disclosure obligations and acted against the best interests of the shareholders. Star was fined $100 million on 9 December 2022.
See also
*List of companies of Australia
This is a list of notable companies based in Australia, a country in Oceania. For further information on the types of business entities in this country and their abbreviations, see " Business entities in Australia".
Australia is a wealthy country ...
References
External links
*
{{S&P/ASX 200
Gambling companies of Australia
Holding companies of Australia
Entertainment companies established in 2011
Holding companies established in 2011
Australian companies established in 2011
Gambling companies established in 2011
Companies listed on the Australian Securities Exchange
Companies based in Brisbane