Sydney Casino Dodging Shutdown Shows Industry Is Too Big to Fail
- Star’s troubled flagship casino to stay open under supervision
- Regulator says thousands of staff would have lost their jobs
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Australia’s gaming industry once more showed itself too big to fail as Star Entertainment Group Ltd.’s flagship Sydney casino escaped shutdown in the face of a damning regulatory report that found it faked documents, misled authorities and ignored money-laundering risks.
The report’s revelations mean Star’s waterfront casino isn’t fit to hold a gaming license, the New South Wales state regulator said Monday. Even so, the casino will keep operating under a “suspended” license with a government-appointed manager while it attempts to address its shortcomings.