The Australian Securities and Investments Commission (ASIC) has reached a settlement with Greg Hawkins (pictured), who served previously as chief casino officer for Australian casino operator The Star Entertainment Group Ltd.
According to local media reports, Mr Hawkins agreed to pay AUD180,000 (US$114,183) and faces an 18-month disqualification from managing companies listed on the Australian Securities Exchange.
Mr Hawkins was among a number of senior executives that left Star Entertainment in 2022 following an inquiry into the company’s suitability to hold a licence for its flagship Sydney casino, in New South Wales.
He was found to have breached his duties as a director in two instances, while serving as chief casino officer at Star Entertainment.
ASIC announced a lawsuit in December 2022, at the time targeting 11 current and former directors and officers of Star Entertainment, over alleged breaches of corporate duties linked to money-laundering risks.
The Federal Court of Australia started hearing the case last week. In a statement, the court confirmed that ASIC and Mr Hawkins had “reached an agreement on a proposed resolution to ASIC’s claims against Mr Hawkins”.
Mr Hawkins’ settlement follows an agreement reached between the country’s corporate regulator and Star Entertainment’s former chief financial officer, Harry Theodore, which included a proposed AUD60,000 penalty.
The procedure “will now be a final hearing in respect of the question of whether the defendants, save for Mr Theodore and Mr Hawkins, have engaged in contravening conduct,” stated the court.
Mr Hawkins is currently acting chief operating officer of Bloomberry Resorts and Hotels Inc, the operating unit of Philippines-listed Bloomberry Resorts Corp. He was appointed to the role following the retirement of Thomas Arasi.
Star Entertainment runs its flagship Star Sydney casino in the Australian state of New South Wales.
It also holds gaming licences in the state of Queensland, where it launched in late August The Star Brisbane, a new casino resort that is part of the AUD3.6-billion Queen’s Wharf Brisbane.
On Monday, Star Entertainment said funds associated with Oaktree Capital Management, a U.S.-based asset management firm, had proposed providing AUD650 million to refinance debt held by the gaming firm.
ASIC, former Star Entertainment executive Greg Hawkins reach settlement
