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1
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· Posted on
February 21, 2024

Star's Sydney casino gets slapped with a $100 million fine... and that doesn't slap at all

Star needs to prove it can be fit to run its Sydney Casino... but first, it has to face its $100m fine.

What's the key learning?

  • Over the last 6 months, an inquiry has been running into the conduct of Star Entertainment Group's Sydney casino and now Star needs to prove it can fix its wrongdoings and show it is fit to hold a license.
  • Star has been whacked with a $100m fine as a reminder that compliance to regulation matters.
  • While having a strong, positive culture doesn't guarantee success, the opposite almost certainly guarantees failure.

👉 Background: Star Entertainment Group is an Australian gambling and entertainment company, which was formerly known as Echo Entertainment.

👉 What happened: Over the last 6 months, an inquiry has been running into the conduct of Star Entertainment Group's Sydney casino. And last month, Star was found unfit to run the Sydney Casino.

👉 What else: So now, Star needs to prove it can fix its wrongdoings and show it is fit to hold a licence. In the meantime, they’ve been whacked with $100m fine as a lil reminder that compliance to regulation actually matters. Star’s new CEO has been clear that compliance is prioritised above profit under the new culture.

What's the key learning?

💡While having a strong, positive culture doesn't guarantee success, the opposite almost certainly guarantees failure. And the financial costs of poor culture can be substantial.

💡In fact, workplace misconduct cost US businesses $20 billion in past year, according to a new study published by Vault Platform. Over the last few years, casinos in Australia have promoted profit over compliance.

💡And this has actually driven companies like Star and Crown Casino to turn a blind eye to misconduct. So it makes sense that Star’s new CEO has said “compliance will be put ahead of profits”.

‍

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