The Federal Court of Australia has imposed a A$260 million penalty on Star Entertainment — roughly US$183.6 million — following AUSTRAC’s 2022 civil suit over breaches of anti-money laundering and counter-terrorism financing laws by The Star Pty Ltd and The Star Entertainment Qld Ltd.
The judgment was handed down on October 28, and the company accepted it on October 29. The penalty will be paid in four instalments over 19 months. Shares in the embattled casino operator jumped by up to 9.6 per cent to A$0.143 after a trading halt, as investors welcomed the removal of regulatory uncertainty.
Star said the penalty does not affect its going-concern status, and talks over a US$390 million financing facility with WhiteHawk are continuing. The resolution of the AUSTRAC matter is a significant milestone in the company’s long-running remediation effort.
With the civil penalty now settled, attention turns to Star’s operational turnaround and its efforts to satisfy regulators across its casino properties — a process that will determine whether the company can fully move past one of Australian corporate history’s most damaging scandals.
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Bhudev Bhagaliya is an experienced and senior journalist who has carved a distinct niche for himself in the world of Hindi journalism through his profound understanding and precise writing style. With over two decades of experience in the field of journalism, he has held key responsibilities at Dainik Hindustan for 12 years and at Amar Ujala for one year. Currently, he serves as the Content Editor for the Jagrook Youth News newspaper and portal, where he plays a crucial role in ensuring the quality and credibility of the news content. Bhudev Bhagaliya consistently writes about issues that help raise awareness within society and among the younger generation.