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CNN —A Singaporean man has been ordered to repay more than 38 million Australian dollars ($25.7 million) after he lost big during a gambling spree at an Australian casino over the span of a few days. Queensland’s Supreme Court ruled Monday that Yew Choy Wong owed that amount to the Star Gold Coast, as well as the casino’s legal fees and interest. He had racked up losses of 47.3 million Australian dollars ($31.5 million) there between July 26 and August 2, 2018. Star Entertainment, which owns the Gold Coast casino, declined to comment on the case. The casino also paid Wong hundreds of thousands of dollars in goodwill payments following his complaints, the ruling said.
Persons: CNN —, Yew Choy Wong, Wong, Paul Arbuckle, Arbuckle, ” Wong, Melanie Hindman, , Dr Wong, Organizations: CNN, Queensland’s, Star, Star Sydney, Star Entertainment, Gold Coast Locations: Star Gold, Singapore, Queensland
(Reuters) - Australia’s Star Entertainment Group said on Monday it was raising A$750 million ($481.43 million) via equity placement under its broader refinancing process to improve its funding arrangements and capital structure. ($1 = 1.5579 Australian dollars)
Organizations: Reuters, Australia’s Star Entertainment
Asia stocks slip as US CPI fails to enthuse; dollar up
  + stars: | 2023-08-11 | by ( Tom Westbrook | ) www.reuters.com   time to read: +4 min
Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo, Japan April 18, 2023. The yen touched a six-week low of 144.89 per dollar in early trade on Friday, though volumes were thinned owing to a public holiday in Japan. Its stock markets were closed and Treasuries went untraded in the Asia session. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.2% lower and headed for a 1% weekly loss. In stock markets, Chinese property stocks were taking a fresh beating on giant developer Country Garden (2007.HK), which is struggling with its debts, forecasting a $7.6 billion net loss in the first half.
Persons: Issei Kato, Treasuries, Mary Daly, Andrew Lilley, Sally Auld, JB, Tom Westbrook, Muralikumar Organizations: REUTERS, U.S ., Headline U.S, CPI, San Francisco Fed, Yahoo Finance, U.S . Treasury, HK, Star Entertainment, Chevron, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, Sydney, New York, Hong Kong, Alibaba, HK, New South Wales, Woodside, WDS.AX
Here are some of the major penalties imposed by the regulators:AMP LTD (AMP.AX)Troubled Australian wealth manager AMP Ltd was fined a court-mandated penalty of A$24 million in May for billing dead clients for insurance and financial advice. In October 2022, ANZ was penalised A$25 million for failing to provide certain benefits it had agreed to give customers. In October 2022, CBA's trading unit was fined A$20 million for compliance failures in delivering financial services. NATIONAL AUSTRALIA BANK (NAB.AX)National Australia Bank, the country's second-largest bank, was charged A$18.5 million penalty in August 2021 by a court for issuing misleading fee disclosure statements or none at all. WESTPAC BANKING CORP (WBC.AX)Australia's third-biggest lender, Westpac Banking Corp was ordered to pay A$113 million in penalties in April 2022 for multiple compliance failures across its businesses.
The capital raising, comprising a A$685 million 3-for-5 rights offer and a A$115 million institutional placement, will help Star repay debt and increase liquidity, the company said on Thursday. It had a net debt of A$1.11 billion as of end-2022. The shares in the capital raising are being sold at A$1.20 each, 21% below Star's latest closing price of A$1.52. Major shareholders Chow Tai Fook Enterprises and Far East Consortium (0035.HK) have taken up their rights entitlements and committed $80 million to the capital raising, Star said. Star shares are in a trading halt Thursday while the capital raising is underway.
Feb 23 (Reuters) - Casino operator Star Entertainment Group (SGR.AX) said on Thursday it was looking to raise A$800 million ($544.24 million), even as the embattled firm tries to recover from regulatory concerns and impairment charges. "While the outcome of regulatory and other matters creates material uncertainty as to the Group's ability to remain a going concern, the Group is likely to be able to meet its liabilities as and when they fall due over the next 12 months," the second largest Australian casino operator said. The capital raise will include a A$685 million entitlement offer and a A$115 million institutional placement, Star said, adding the balance of the equity raising is underwritten. Adding to its relief efforts, Star said it will continue to pursue the recycling of non-core assets, including the sale of its Treasury buildings which are expected to contribute about A$233.0 million in additional cash. ($1 = 1.4699 Australian dollars)(This story has been refiled to remove extraneous $ sign in paragraph 4)Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Star Entertainment's first-half statutory loss widens
  + stars: | 2023-02-22 | by ( ) www.reuters.com   time to read: +1 min
Feb 23 (Reuters) - Star Entertainment Group's (SGR.AX) first-half statutory loss widened, the casino operator said on Thursday, as it navigates through regulatory concerns and costs related to compliance procedures. The company's earnings took a hit from the increased regulatory restrictions at its Sydney operations from mid-September, and rise in competition since the opening of Crown Resort's Sydney operations in August after the New South Wales (NSW) regulator granted it a licence. Star said it "continues to pursue the recycling of non-core assets, including the Treasury buildings," adding that the asset is expected to contribute A$233.0 million in additional cash. The second largest Australian casino operator posted statutory net loss after tax of A$1.26 billion ($858.19 million) for the six months ended Dec. 31, compared with A$74.2 million in losses last year. The firm, however, posted A$43.6 million in normalised net profit after tax for first-half, compared with A$73.7 million in losses last year.
Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". Star Entertainment shares slumped almost 11% to A$1.67 in early trading. The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said. It expects underlying earnings before interest, taxes, depreciation and amortisation within A$195 million to A$205 million in its first-half results.
Star Entertainment said it would incur remediation costs of about A$20 million during the six months ended Dec. 31, 2022, as it attempts to "improve compliance processes as the group seeks to return to licence suitability". Star Entertainment shares slumped almost 11% to A$1.67 in early trading. The casino operator on Monday also announced a number of initiatives, including loyalty benefits and pricing actions, to respond to competition in Sydney, where its bigger rival Crown Resorts operates. The initiatives would likely contribute about A$40 million on an annualised basis to the operating performance, Star Entertainment said. It expects underlying earnings before interest, taxes, depreciation and amortisation within A$195 million to A$205 million in its first-half results.
Dec 19 (Reuters) - Shares in Australia's Star Entertainment Group tumbled nearly 12% on Monday, after the New South Wales (NSW) government proposed to raise taxes on casino poker machine operators in the state from July next year. The NSW Treasurer Matt Kean said on Saturday the money raised will be used to help fund vital services like helping communities recover from impacts of COVID-19, bushfires and floods. The move comes amid increased efforts to reform Australia's gambling industry which has been roiled in damning reports of sidestepping anti-money-laundering rules, dysfunctional governance and poor corporate culture. Star Entertainment Group said in a statement on Monday it had not been consulted by the NSW government on the matter, adding it is "seeking to urgently engage with the NSW government as to the sustainability of the proposed tax changes and the impact on The Star's business". ($1 = 1.4941 Australian dollars)Reporting by Savyata Mishra in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.
Nov 30 (Reuters) - Star Entertainment Group (SGR.AX) said Australia's financial crimes regulator has begun a civil lawsuit against it over allegations of failure to comply with disclosure norms in relation to anti-money laundering and counter-terrorism financing rules. The Australian Transaction Reports and Analysis Centre (AUSTRAC) will commence civil penalty proceedings against two of Star's units, The Star Pty and The Star Entertainment Queensland Ltd, the casino operator said on Wednesday. Star, however, said AUSTRAC did not specify the damages it was seeking from the said lawsuit. Star's shares have dropped 28.8% in a year marked with investigations and scrutiny of its operations over its alleged failure to prevent money laundering and criminal activity. Reporting by Tejaswi Marthi in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Australia's Crown Resorts fined $77 million by regulators
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
SYDNEY, Nov 7 (Reuters) - Australian casino operator Crown Resorts has been fined A$120 million ($77.3 million) for serious misconduct, regulators of the state of Victoria said on Monday. Some of the breaches included failing to prevent gambling harm by allowing players to gamble continuously for 12 hours or more without observation or interaction, with some customers allowed to gamble continuously for well over 24 hours, it said. The casino operation also allowed large numbers of customers in the problem gambling category to escape attention, the report added. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections. read more($1 = 1.5533 Australian dollars)Reporting by Praveen Menon and Byron Kaye; Editing by Himani Sarkar and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.
Nov 7 (Reuters) - Australian casino operator Star Entertainment Group Ltd (SGR.AX) on Monday said it faces a second class action lawsuit over allegations of failure to comply with disclosure requirements regarding anti-money laundering and counter-terrorism financing rules. The class action, filed by law firm Maurice Blackburn, alleges that between March 29, 2016 and March 16, 2022, Star made misleading representations about its systems and processes for compliance with anti-money laundering and counter-terrorism financing obligations, Star said in a statement. The lawsuit also accuses Star of failing to disclose relevant information to the market and "conducted its affairs contrary to the interests of the members of The Star as a whole", according to the statement. Star said it will defend itself against the class action, adding that the claim was "substantially similar" to the class action filed by another law firm Slater & Gordon (SGH.AX) in March earlier this year. Reporting by Sameer Manekar in Bengaluru; Editing by Daniel Wallis and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.
SYDNEY—An Australian regulator hit one of the country’s main casino operators with a record fine, as authorities increase scrutiny of an industry that has faced questions over how it attracts international high-rollers, particularly from China. Star Entertainment Group which runs a large casino in Sydney, was fined 100 million Australian dollars, equivalent to $62 million, by the New South Wales Independent Casino Commission on Monday. The regulator also suspended Star’s license to operate the Sydney casino, though it will remain open under a government-appointed manager.
SummarySummary Companies Star's Sydney casino license to be suspended on Oct. 21Manager appointed for Sydney casino for 90 daysFine after Star failed to prevent money laundering, criminal activityStar fined $62 million as part of disciplinary actionSYDNEY, Oct 17 (Reuters) - Australia's Star Entertainment Group (SGR.AX) said on Monday a regulator-appointed manager would be stepping in to run its Sydney casino after an investigation by an independent commission found it had failed to prevent money laundering and criminal activity. The firm was fined A$100 million ($62 million) by the New South Wales Independent Casino Commission (NICC), which also suspended its license to operate the casino in Sydney, effective Oct. 21, Star said in a statement. Register now for FREE unlimited access to Reuters.com RegisterThe suspension period will be crucial for Star to prove its merit to hold a casino license. Weeks' authority as a manager of Star's assets are limited to the operational needs of the casino. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections.
SYDNEY, Oct 17 (Reuters) - Australian casino firm Star Entertainment Group (SGR.AX) was fined A$100 million ($62 million) on Monday following an independent inquiry which found it failed to prevent money laundering and criminal activity in its Sydney casino. The New South Wales Independent Casino Commission (NICC) also cancelled Star's licence to operate the Sydney casino effective Friday, and will appoint a person to manage the casino pending the return of its licence. "The appointment of the manager means that the Star Casino will remain open and all staff will remain employed," NICC Chief Commissioner Philip Crawford said during a media conference. The decision to slap Star with the maximum fine possible comes on the first day on the job for Star's new chief executive, Robbie Cooke. Australia's gambling industry has been in the spotlight in recent years, with public inquiries lashing its biggest casino operators due to lapses in money laundering protections.
Australia casino firm Star to be fined $62 million following inquiry, article with imageBusiness · October 17, 2022 · 12:13 AM UTC · undefined ago · undefined agoAustralian casino firm Star Entertainment Group was fined A$100 million ($62 million) on Monday following an independent inquiry which found it failed to prevent money laundering and criminal activity in its Sydney casino.
SYDNEY, Oct 17 (Reuters) - Australian casino firm Star Entertainment Group (SGR.AX) will be fined A$100 million ($62 million) after an inquiry found it failed to prevent money laundering and criminal activity in its Sydney casino, the Sydney Morning Herald reported. The New South Wales Independent Casino Commission (NICC) will hand down the decision on Monday, the newspaper reported on Sunday, citing unidentified sources. The report said it had identified "systemic governance, risk and cultural failures" at the Sydney casino of Star, Australia's second-biggest casino operator. Neighbouring Queensland state this month declared Star was unsuitable for a gambling licence after an inquiry found it concealed illegal Chinese wagering payments and lured problem gamblers. Australia's casino sector was put under intense scrutiny over the last three years after media reports accused Star's larger rival Crown Resorts Ltd of money laundering, prompting some states to launch inquiries.
Китай в четверг приостановил «на неопределенный срок» всю деятельность в рамках Китайско-австралийского стратегического экономического диалога, сообщил представитель органа государственного экономического планирования, что стало последним витком обострения напряженных отношений между двумя странами. Отношения ухудшились в прошлом году, когда Австралия призвала к независимому расследованию происхождения нового коронавируса, что вызвало торговые репрессии со стороны Китая. Министр торговли Австралии Дэн Техан назвал решение комиссии «разочаровывающим», поскольку экономический диалог стал «важным форумом для Австралии и Китая для решения вопросов, имеющих отношение к нашему экономическому партнерству». Последняя встреча была в Пекине в 2017 году, когда министр торговли Австралии подписал соглашение о сотрудничестве по проектам «Один пояс, один путь» во многих странах. Сменявшие друг друга министры торговли Австралии не смогли добиться телефонного звонка с китайскими коллегами, когда дипломатическая напряженность обострилась в 2020 году.
Persons: Дэн Техан, Атилла Виднелл, Мэтт Бекьер Organizations: Huawei 5G, Commodities Ptd, Star Entertainment Group Ltd, Macquarie Australia Conference, Комиссия национального развития и реформы, Федеральный парламент Locations: Китай, Австралийский Содружество, Австралия, Китай (), Пекин, США, Канберра, Виктория, Сидней
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