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In December, this masthead revealed the regulator was dissatisfied with the progress made to improve business practices and did not expect to reissue its licence when the special manager’s final term expires in June.
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“I don’t think they’ll automatically regain their licence,” Crawford said in an interview on Monday. “If their licence is restored, it’ll be on the condition they operate under an independent monitor [as is the situation at rival Crown Sydney]. To date, they have not been at the level that we’d be comfortable with that.”
Revoking Star Sydney’s casino licence is one of several options that will be considered by the casino commission when it receives Bell’s progress report. Another is that it maintains its casino licence suspension and seeks cabinet approval to extend the tenure of the special manager for a fourth term.
The Star’s share price was above $3 before the original Bell inquiry commenced in 2022. Its market capitalisation has halved to $1.6 billion since then following the loss of its casino licences in the two states it operates in. Its woes have been further compounded by a complicated tax increase in NSW and increased cost of living pressures post-COVID-19.
The Star entered a trading halt on Monday ahead of the bombshell announcement of the second probe, but reopened trading on Tuesday. Its share price dived more than 20 per cent immediately after, trading 23.2 per cent lower at 43 cents shortly before 11am AEDT.
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