SGR 2.15% 45.5¢ the star entertainment group limited

There is no evidence of money laundering occurring in this...

  1. 61 Posts.
    lightbulb Created with Sketch. 11
    There is no evidence of money laundering occurring in this inquiry. If it were occurring they would have 100% discovered it. They are doing detailed source of wealth checks on their current customers. They attempted to do so on previous customers unsurprisingly they were ignored by many and were forced to revoke their memberships. It is more extreme than a police check just to gamble now. Once cashless comes in August it will be impossible the launder money in the casinos. There was one issue of oversight with the cash out machines where star was defrauded of a few million dollars by criminals it took about 1.5 weeks to discover this. Ideally there should have been more regular cash balance checks and it should have been discovered in about 2 or 3 days.

    Let's be clear here none of these checks or requirements are being conducted in nsw clubs or pubs. There is 100% no oversight at all at these venues. The management did have a few small gaps in their oversight.
    The anti money laundering policies if the casinos have been effective and simply transferred these individuals from laundering in casinos to laundering exclusively in nsw clubs.

    The casino on top of this has also been forced to ridiculous extremes with responsible gambling rules like welfare checks. Which is essentially keeping track of every patron in the casino and having someone approach them every three hours to force them to have a mandatory break and stop gambling and treat them like they are not capable of making that decisions themselves. The oversight in this area was not as perfect as we would hope but it was a new function and the costs of performing this extreme oversight are ridiculously expensive so much so that it makes the casino completely unprofitable. This is the biggest problem.
    The kind of extreme regulation does not exist in any other country in the world, not vegas, not Macau, no where nobody wants to go to gamble only to be asked to show all their bank accounts and sources of wealth and then be pestered and nanniesd every 3 hours saying you need a break now. The government collect their duties off the revenue not the costs so they get paid even if the casino loses money. They don't seem to understand that casino is not a government department and that in any business investors deserve a reasonable return on investment of their assets that have invested in.

    In summary you are completely wrong to state their is no oversight at all within the casino, as there is a great deal of oversight substantially more than anywhere any other place in the world but you are correct in assuming to NICC and the government are expecting a higher level of oversight in fact they expect operations to run perfectly flawlessly with no mistakes.
 
watchlist Created with Sketch. Add SGR (ASX) to my watchlist
(20min delay)
Last
45.5¢
Change
-0.010(2.15%)
Mkt cap ! $1.305B
Open High Low Value Volume
47.5¢ 47.5¢ 45.5¢ $6.528M 14.10M

Buyers (Bids)

No. Vol. Price($)
7 231739 45.5¢
 

Sellers (Offers)

Price($) Vol. No.
46.0¢ 262847 9
View Market Depth
Last trade - 16.10pm 08/05/2024 (20 minute delay) ?
Last
46.0¢
  Change
-0.010 ( 0.33 %)
Open High Low Volume
47.3¢ 47.5¢ 45.5¢ 4151140
Last updated 15.59pm 08/05/2024 ?
SGR (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.