{"id":11409,"date":"2026-10-30T22:50:33","date_gmt":"2026-10-30T22:50:33","guid":{"rendered":"https:\/\/casino-online-best.com\/index.php\/2026\/10\/30\/ballys-supports-the-star-after-a260-million-austrac-penalty\/"},"modified":"2026-10-30T22:50:33","modified_gmt":"2026-10-30T22:50:33","slug":"ballys-supports-the-star-after-a260-million-austrac-penalty","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2026\/10\/30\/ballys-supports-the-star-after-a260-million-austrac-penalty\/","title":{"rendered":"Bally\u2019s Supports The Star After A$260 Million AUSTRAC Penalty"},"content":{"rendered":"<div>\n<p>The Federal Court of Australia has imposed an A$260 million (US$182.64 million) penalty on subsidiaries of The Star Entertainment Group for historical anti-money laundering and counter-terrorism financing breaches. The company will pay four instalments over 19 months.<\/p>\n<hr>\n<p><strong>Good to know<\/strong><\/p>\n<ul>\n<li>The Star says the payment schedule will not affect its ability to continue operating as a going concern.<\/li>\n<li>The breaches predate the investment from Bally\u2019s and the current board and executive leadership.<\/li>\n<li>Quarterly EBITDA improved to A$12 million from a loss of A$13 million.<\/li>\n<\/ul>\n<hr>\n<p>The Star said the penalty broadly matched the provision in its 2026 financial statements. Meanwhile, Bally\u2019s Corporation reaffirmed its support for the recovery, with Executive Chairman Soo Kim pointing to changes in leadership, controls and operating practices.<\/p>\n<p>The financial improvement provides some support for that assessment. During the first quarter of fiscal 2027, The Star generated A$12 million (US$8.43 million) in EBITDA, compared with a loss of A$13 million (US$9.13 million) a year earlier.<\/p>\n<h2><strong>Recovery Efforts Continue Alongside the Penalty<\/strong><\/h2>\n<p>Bally\u2019s has supported The Star through an Umbrella Consultancy Agreement covering casino operations, regulatory compliance and operational changes.<\/p>\n<p>Kim said circumstances had changed materially since Bally\u2019s became involved. He credited management and employees, alongside the expertise provided by Bally\u2019s, with helping the recovery progress.<\/p>\n<p><em>\u201cIt is about rebuilding the company from the inside out: its culture, its controls, its operating discipline and its relationship with regulators and the communities it serves,\u201d<\/em> Kim said.<\/p>\n<p>Regulators have also acknowledged improvements. In June 2026, NSW Independent Casino Commission Chief Commissioner Philip Crawford pointed to revised remediation workstreams, technological changes and support from Bally\u2019s when assessing progress.<\/p>\n<p>Bally\u2019s said it would continue helping the board and management implement the remediation plan, strengthen compliance and rebuild relationships with regulators, customers, employees and local communities.<\/p>\n<h2><strong>Court Rejects Both Proposed Penalty Amounts<\/strong><\/h2>\n<p>Justice Cameron Moore settled on A$260 million after finding the A$100 million proposed by The Star too low and the A$400 million sought by AUSTRAC too high.<\/p>\n<p>The court considered the seriousness of the breaches alongside disputes over how much the company could afford. Moore also took account of remediation efforts and previous penalties covering overlapping conduct.<\/p>\n<p><em>\u201cStar put profit over compliance and did so on a large scale,\u201d<\/em> Moore said.<\/p>\n<p>AUSTRAC Chief Executive Brendan Thomas said the penalty reflected the violations and added deterrence beyond earlier state and federal fines.<\/p>\n<p>The regulator stressed that the failures went beyond incomplete paperwork. The Star allowed high-risk customers to gamble without properly establishing where their money came from. Its deficient monitoring also means the total amount those customers gambled remains unknown.<\/p>\n<p><strong>High Risk Customers Exposed Gaps in Casino Controls<\/strong><\/p>\n<p>AUSTRAC accused The Star of allowing 117 high-risk customers to channel billions in suspected illicit funds through casinos in Sydney, Brisbane and the Gold Coast.<\/p>\n<p>Documents first filed in 2022 showed that high rollers participating in junket operations wagered more than A$125 billion (US$87.83 billion) between November 2016 and October 2020. That wagering total does not establish how much money came from illegal sources.<\/p>\n<p>Thomas said the failures exposed both the casinos and the Australian financial system to financial crime risks.<\/p>\n<p>Kim said Bally\u2019s respected the work of AUSTRAC and the Federal Court in holding operators accountable.<\/p>\n<p><em>\u201cGaming is a privilege, not a right, and earning and maintaining that privilege requires accountability,\u201d<\/em> he said.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/ballys-supports-the-star-after-a260-million-austrac-penalty\/\">Bally\u2019s Supports The Star After A$260 Million AUSTRAC Penalty<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Court of Australia has imposed an A$260 million (US$182.64 million) penalty on subsidiaries of The Star Entertainment Group for historical anti-money laundering and counter-terrorism financing breaches. The company will pay four instalments over 19 months. Good to know The Star says the payment schedule will not affect its ability to continue operating as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-11409","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 5.0.2.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"The Federal Court of Australia has imposed an A$260 million (US$182.64 million) penalty on subsidiaries of The Star Entertainment Group for historical anti-money laundering and counter-terrorism financing breaches. The company will pay four instalments over 19 months. 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The company will pay four instalments over 19 months. Good to know The Star says the payment schedule will not affect its ability to continue operating as","og:url":"https:\/\/casino-online-best.com\/index.php\/2026\/10\/30\/ballys-supports-the-star-after-a260-million-austrac-penalty\/","article:published_time":"2026-10-30T22:50:33+00:00","article:modified_time":"2026-10-30T22:50:33+00:00","twitter:card":"summary","twitter:title":"Bally\u2019s Supports The Star After A$260 Million AUSTRAC Penalty - Best Online Casinos","twitter:description":"The Federal Court of Australia has imposed an A$260 million (US$182.64 million) penalty on subsidiaries of The Star Entertainment Group for historical anti-money laundering and counter-terrorism financing breaches. The company will pay four instalments over 19 months. 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