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Star Entertainment coughed up $595 million in regulatory and legal costs in the 2023 financial year, as it faces ongoing disputes with ASIC and AUSTRAC and an $80 million class action.
A Star Entertainment joint venture has been hit with a lawsuit by the Queensland arm of Multiplex Constructions over alleged costs overruns in the construction for a multi-billion-dollar resort in Brisbane.
SkyCity may be the first company to test the strength of AUSTRAC's claims in court, according to a judge who recently said in a separate case that the regulator's habit of agreeing to penalties could give rise to a "moral hazard".
As the knives come out in a contest between four law firms battling to run an $80 million class action against Star Entertainment, a court-appointed barrister has named his favourites – one of which has proposed a contingency fee of just 14 per cent.
Three firms fighting for carriage of a $80 million class action against Star Entertainment say a group costs order would guard against ‘costs blowouts’ in the case and have urged a judge to ditch a no win, no fee proposal brought by fourth-to-file firm Shine Lawyers.
Star Entertainment can add new claims to a dispute over renovations at its Sydney casino, despite the fact that the defendant builder may be time barred from deflecting liability onto a subcontractor.
Eleven current and former Star Entertainment executives have refuted ASIC's claims that they breached their duties in relation to the casino operator's lax money laundering compliance, with all but two denying they had a duty to ensure the company complied with its legal obligations.
Star Entertainment has pleaded guilty in Queensland to seven charges of allowing the purchase of gambling chips with a credit card, months after being with a $100 million fine for violating the state's gambling laws.
The corporate regulator voiced concerns with Star Entertainment over its 2022 financial report, which it said made no provision for likely fines faced by the casino operator for lax compliance with money laundering laws.
A court has heard that casino giants Crown and Star are likely to reach agreement with AUSTRAC as to liability in proceedings alleging “widespread and serious non-compliance” with anti-money and counter terrorism laundering laws.