Australian casino firm Star Entertainment Group has received a fine of A$100 million ($62 million), the maximum penalty possible, after an independent inquiry found it had failed to prevent money laundering and criminal activity in its Sydney casino.
The New South Wales Independent Casino Commission (NICC) also cancelled the Sydney casinos operating license effective Friday, and will appoint a person to manage the casino pending the reinstatement of the license.
“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, speaking at a media conference.
The commission later said in a media release that it believed it was in the public interest to keep the casino operational due to the number of jobs at risk should it close.
The decision comes on new Star CEO Robbie Cooke’s first day on the job.
Australia’s gambling industry has been under increased scrutiny in recent years, with with a number of penalties levied against the country’s biggest casino operators due to lapses in money laundering protections.
Star did not immediately offer any comment on the ruling. The company halted trading of its shares on the Australian bourse ahead of the announcement.