(Reuters) – The Casino operator besieged in Australia, Star Entertainment, received an offer of $ 250 million ($ 158 million) from the US Casino Group Bally for a little more than half of his actions, because the Casino operator in charge of debt examines the options to stay forward. Years of regulatory examination and penalties following accusations of money laundering, management exodus and border closures due to COVI-19 pushed Star, the second largest casino operator in the country on the verge of bankruptcy. Here is a chronology of the business struggle to operate the lights in its casinos in the past four years.
End of 2021
The media said that the STAR internal review accused the company of not slowing down money laundering and fraud in its two stations.
The state of New South Wales began a public inquiry and the financial regulator of Australia (Austrac) launched an investigation into possible violations of anti-whitewashing laws (AML) in the largest star casino in Sydney.
January 2022
The Austrac has expanded its investigation into Star on possible violations of lake and laws against terrorism in the casinos of the company.
March 2022
Star CEO Matt Bekier resigned due to Austrac’s probe.
June 2022
The Queensland State launched its own star investigation. The company also has casinos in Brisbane and on the Gold Coast.
September 2022
The Southern New Wales investigation found the star unfit for a casino license in the state.
December 2022
Star inflicted a penalty of $ 100 million by the Queensland government.
Early 2024
Star faced a second survey in South New Wales after the casino regulator accused the company of not improving its governance to a satisfactory degree. The new CEO and CFO of Star has left.
June 2024
Star named Steve McCann, former CEO of Crown Resorts and Property Giant Lendlease, like his new CEO to conduct it through another survey of the regulator in South New Wales.
August-September 2024
Star was again tried unfit to hold the license in Sydney and filed its annual results one month after the regulatory deadline. The company said its business lenders had agreed to provide a debt ease of up to $ 200 million.
October 2024
Star inflicted a fine of $ 15 million by the Southern New Waler Games regulator.
January 2025
Star said its species available were $ 78 million in late December 2024.
February 2025
Oaktree, based in the United States, proposed to refinance a debt of $ 650 million in what could be a major lifeline for the company short of money. Star failed to publish its provisional results by the end of February and once again spoke to the financiers of a rescue plan.
March 2025