The news of the second state inquiry blindsided The Star’s leadership last month, and was requested by the head of the NSW regulator, Philip Crawford, who said at the time he was not convinced The Star had fully committed to the cultural change required to regain its licence to operate independently.

Revoking the casino’s licence is one of five options that will be considered by the regulator when it receives the findings of the latest Bell inquiry. Other options available are that the inquiry provide conditional approval for The Star to operate under the eye of an independent monitor (as is the situation at rival Crown Sydney) or that it maintains its casino licence suspension and seeks cabinet approval to extend the tenure of the special manager for a fourth term.

The NICC appointed special manager Nicholas Weeks to oversee The Star for a period of 90 days in 2022 and the regulator said on Monday it intended to extend Weeks’ role until September 30 to “allow the extra time needed to complete the inquiry and for the NICC to consider Bell’s report”.

“Mr Weeks’ continued managership is essential to enable the casino to remain operational while the inquiry is conducted, and Mr Bell’s report delivered,” a spokesperson for the regulator said.

The hearings, initially expected to be held privately, are due to begin in mid-April. Bell’s final report is due on July 31.

The Star told the ASX on Monday it welcomed the opportunity to demonstrate it can regain suitability and will “do all in its power to work co-operatively with all its regulators, including the NICC and its appointed manager, as well as continuing to participate in an open, transparent and facilitative manner”.

The Star’s share price fell 2.8 per cent on Monday to 52¢. The price of the shares have fallen by 60 per cent over the past 12 months and have not exceeded $1 since June last year.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.