In the casino sector, big money carries big risk. And the Star executives and board members in ASIC’s sights must now explain how they missed the obvious dangers of a VIP business flooded with money.
Qin was a bit of a rising star with Star, having shifted from Crown Resorts to Star in the previous six months via a junket called Shen Minmin, such that his betting turnover went from $880 million in 2016-17 to $2 billion in the first five months of the 2018 financial year.
Then the following year, ASIC alleges the board was told of several compliance problems within the VIP business. Then, in 2019, the board was made aware of allegations that Chau’s Suncity junket was backed by organised crime.As we know from, Chau continued to bring his VIPs to Star until 2020, when a combination of the COVID-19 pandemic and the searing NSW inquiry into Crown effectively ended the junket trade.
As this column has consistently argued, Star’s reluctance to admit the risks in its business and then accept its failings has been breathtaking. Regardless of how this action goes, it is certain to be an important test case for director culpability.
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