NICC extends term of Star Sydney manager as company awaits final ruling on Bell Report
The regulator has yet to rule on the Bell Report, which was submitted on Wednesday (31 July).
Star said in a filing on Thursday that it “sought and received approval” from the NICC to extend the term of special manager Nick Weeks through 31 March 2025. It stipulated that the extension could be terminated at the discretion of the regulator.
Weeks has been supervising Star Sydney’s remediation efforts since 2022 and his term has been extended multiple times. His current term was set to run through 31 September before the extension.
Weeks’ extension could be an indication that Star Sydney will be given another chance at suitability after all. The NICC announced on Wednesday that it has received the Bell Report and is reviewing next steps. Star was already deemed unsuitable in the first Bell inquiry in 2022 and the second iteration was launched in February.
The second investigation has done little to help the operator’s reputation. Public hearings over the spring unearthed several compliance issues and a hostile relationship with the NICC. Numerous executives have left, most notably former chairman David Foster and former CEO Robbie Cooke.
If the licence is revoked, it would be made available to outside bidders, but the exact parameters of that scenario are unknown.
Reports speculating that casino is again unsuitable
In recent days, local media reports have posited that Star will again be found unsuitable. There is also a sense that the operator could need up to five years to fully right itself. Other than Weeks’ extension, the NICC has not made any other rulings.
The speculation was such that Star released another filing on Thursday reiterating that no decision has been made.
“The report prepared by Mr Adam Bell SC and submitted to the New South Wales Independent Casino Commission (the report) has not yet been publicly released and The Star has not received a copy of the report or been advised of its contents,” a Star Sydney spokesperson said.
Before the report was submitted, Star’s chief risk officer Scott Saunders announced his resignation. Saunders will stay on through 31 January 2025. His tenure lasted less than 18 months.