Star Entertainment has accepted the findings of a damning review into its operations, which found it unsuitable to hold a licence for a Sydney casino.
In a statement, the company said it had taken "significant and urgent remedial steps", including ceasing junkets and upgrading surveillance — and has developed a comprehensive multi-year plan.
Star chairman Ben Heap has asked the NSW Independent Casino Commission (NICC) to allow it to keep operating under strict supervision.
"We intend to do whatever is necessary, in consultation with NICC, to restore the Star Sydney to suitability," he said.
The inquiry, headed by Adam Bell SC, was held earlier this year and heard allegations of money laundering, organised crime links and fraud at its casino in Pyrmont.
The casino was given 14 days to respond to the findings, including that it was "unsuitable to hold a licence".
In response, the chairman said that the company would have "increased risk, compliance, and security staff, approval of upgrades to surveillance technology as well as permanently exiting junkets and closing the Marquee nightclub".
The remediation plan, which has 130 milestones to meet over two years, also includes changes to leadership, following several high-level resignations during the inquiry.
The ASX announcement said they have hit eight of those milestones, with another 29 to be completed by the end of the year.
Star's CEO Matt Bekier stood down earlier this year, and the company announced interim CEO Geoff Hogg had tendered his resignation yesterday, with his final day to be determined.
On Tuesday, Mr Heap announced the appointment of several positions including specific officers who will "strengthen The Star Sydney's operations and risk and controls management".
A whistleblower hotline has also been arranged, set to be established by the end of November 2022.
Mr Heap said the casino would have an independent Compliance Committee, as recommended by the Bell report, in place by the end of October.
While releasing the report a fortnight ago, NICC chief Philip Crawford said "the institutional arrogance of this company has been breathtaking," adding there had been an "unwillingness to show the right level of transparency".
Mr Heap admitted today the company had a lot of work to do to restore a "constructive and open working relationship with NICC".
"Mr Bell noted and welcomed that there was early work underway, but it is plain that we had not acted with the necessary urgency," he said.
NSW Treasurer Matt Kean said he continued to have concerns about the company.
"What we've seen is some terrible examples of money laundering and breaches of public trust," he said.
"I'll wait until I see The Star's response before I pass judgement. But, I have real concerns about their ability to operate now and into the future."
But, NSW Premier Dominic Perrottet would not comment on whether the casino should keep its licence, saying it was a matter for the NICC.
"What occurred was completely unacceptable," he said.
"I'll take advice from the independent regulator, but that's ultimately a matter for them now, they'll work through the issues, Star is obviously working with the regulator in meeting that deadline."
Mr Heap acknowledged that despite the announcement of the remediation plan, "actions in the business, particularly at The Star Sydney, will speak far louder than words on a page".
"(Star) will have succeeded when its business leaders have a deep sense of accountability ... this includes instilling a culture of "calling it out," he said.
Mr Heap added remuneration of executives would be linked to the successful delivery of the remediation plan, which is still to be finalised and approved by the board.
The response also said The Star has appointed an independent monitor to report to the board and regulators about the casino's progress.
The Star is planning to hire another 25 external financial crime specialists, lifting the total number to 56.
The NICC will now consider the Star's submission and decide on a response to the Bell report, to be announced at a later date.
