It also faces a looming financial penalty from the financial crimes regulator Austrac, in addition to a $15m fine issued by the NSW government casino regulator late last year. "It would appear that once you start operating a clean casino it’s not nearly as profitable," Sheedy says. The casino operator has experienced a sharp decline in high rollers from Asia in the aftermath of a NSW inquiry that found Star facilitated hundreds of millions of dollars in banned transactions, exposing it to money laundering. Without effective reform of local gambling venues and online wagering, casinos may try to mount an argument for less effective regulation. That would be an admission that their "tourism" attractiveness has waned. It’s also a powerful argument to speed up the transition of effective regulation to all gambling operators.
If Australian casinos are struggling, it’s not because punters are giving up gambling. Whereas most of the gambling market recovered rapidly after the end of pandemic restrictions, casinos floundered. The post Star Casino share price slides as concerns over licence mount appeared first on The Motley Fool Australia. Before today's reports, Star Casino shares rallied over the past week. According to my colleague Mitch, this was due to speculation about potential takeover talks and the anticipated release of the Bell inquiry report. The Star Entertainment share price is under immense pressure as it wades through a number of challenges. Macquarie has reduced its price target for the Star Casino share price to just 24 cents per share.