The Star Entertainment has indicated the payment schedule of its new AU$100 million ($67 million) penalty issued by the New South Wales Independent Casino Commission, breaking the penalty payment into three tranches to be completed by 29th December, 2023.
According to a statement by the company, the first installment of AU$30 million ($20.18 million) will be paid out by 31st March, 2023. A second AU$30 million payment is set to be made by 30th June, 2023.
The final payment of AU$40 million ($26.91 million) is scheduled to be completed by 29th December, 2023.
The group in its announcement also indicates it will pay AU$7 million ($4.71 million) in ‘costs incurred by the Independent Liquor and Gaming Authority in connection with the Bell Review by 31 January 2023.
The results of the review cause the indefinite suspension of the group’s NSW casino license and the appointment of a manager for the Sydney property, alongside the fine itself.
A further review of its Queensland casino licenses also resulted in their suspension, as well as the levelling of a AU$100 million fine, in addition to the appointment of the same manager to run its Queensland properties until the company is deemed to be in compliance with anti-money laundering laws.
In late November, the company had noted that it was expecting fallout from the investigations to cost it at least $29.9 million in 2023, with expectations for recurring costs in 2024.
