Sign Up
..... Australian Property Network. It's All About Property!
Categories

Posted: 2024-08-01 10:18:58

The NSW casino regulator has extended the term of The Star’s special manager until next March, ahead of its long-awaited decision on whether the company’s flagship Pyrmont casino will be shut down.

The NSW Independent Casino Commission (NICC) received approval from Gaming Minister David Harris to extend Nicholas Weeks’ term for a fourth time since he was first appointed to oversee the struggling casino business in October 2022.

Credit: Dion Georgopoulos

The decision to extend Weeks’ appointment means it is likely Star Sydney will not be shut down following the second inquiry into its operations, helmed by Adam Bell, SC, earlier this year.

“Weeks’ appointment was due to expire 30 September 2024 and has been extended until 31 March 2025, unless terminated earlier by the NICC,” the regulator said on Thursday.

The Star confirmed the extension to the ASX late on Thursday, one day after the casino commission received Bell’s final report into Star Sydney. Weeks is paid $75,000 a month for his role overseeing the Sydney business and was initially appointed for 90 days.

Loading

Former Star chief executive Robbie Cooke, former chief financial officer Christina Katsibouba and at least eight other senior executives left the business this year, with the NSW regulator unsure if the company was committed to a culture overhaul since it was first disgraced for extensive anti-money laundering and counterterrorism failings in 2021.

The company argued it was not yet ready to operate independently but should be given conditional approval to keep its Sydney doors open.

Cooke and former chairman David Foster were singled out over three weeks of hearings into the group in April as being uncooperative with the NSW regulator and Weeks.

View More
  • 0 Comment(s)
Captcha Challenge
Reload Image
Type in the verification code above