Amid the regulatory crackdown into casino operations which this week sent Star Entertainment Group (ASX: SGE) into a nosedive, Australians are in disbelief that casinos have actual business plans to occasionally win from games played by their patrons seeking a quick buck.
The revelations come amid confirmation that Australian regulators were looking into Star’s casinos in New South Wales and Queensland, suspecting links to criminal organisations that use casinos as a tool for money laundering.
SGE shares dropped 23% to $3.30 after the news was brought to light. Residents were notably shaken by the allegations which come after a 2-year enquiry into rival casino operator Crown Resorts (ASX: CWN) whose tactics to entice people to gamble were seemingly unfathomable for a company with a mandate to make money for its stakeholders.
“It was alarming to learn that The Star can be used to launder money,” said Sydney resident Martina Martinez.
“I had always assumed that only good-standing citizens frequented casinos as a means of entertainment. How could anyone have known that opportunities to get rich quickly could be manipulated with ill-intent?”
With this fresh information that Star may be laundering money through their casino operations, Martinez has vowed to just throw her annual gambling budget of $100 directly in the trash to limit her involvement in organised crime, and get the same result.
Failed stand-up comic who now gets his kicks from Simpsons business memes.
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