Star Entertainment will get another roll of the dice in Queensland for a $100 million buy-in after being scolded for "criminal behaviour" in running its two casinos.
The state government fined the ASX-listed gambling giant a record $100 million on Friday after finding it unfit to hold its two gaming licences last month.
That decision came after an inquiry found Star neglected its anti-money laundering and responsible gaming duties, and deliberately misled the regulator, in pursuit of profit.
Corporate integrity expert Nick Weeks and senior public servant Terri Hamilton have been appointed special managers to overhaul operations at the Star Gold Coast and Treasury Brisbane casinos.
Mr Weeks is already in charge of reforming the Star Sydney after NSW authorities fined the company $100 million for similar compliance breaches.
Queensland Attorney-General Shannon Fentiman says Star "have 12 months to get their house in order" or both its licences will be suspended for three months.
"They were not truthful with the regulator, they were not truthful with their own bank, this is why we have taken this action today," she told reporters on Friday.
"This is a very strong message that criminal behaviour, that unlawful behaviour, that one-eyed focus on profit above their corporate social responsibility, will not be tolerated in Queensland."
However, even if Star doesn't change its ways it will still be able to cut the ribbon on its $3.6 billion Queens Wharf casino in Brisbane next year.
"If Star is not suitable by the time they want to open their doors then there will be significant conditions placed on their licence," Ms Fentiman added.
When asked if the government was being lenient with Star because it was "too big to fail", Ms Fentiman said the government had to try to protect the jobs of the company's 8000 workers, most of whom are in Queensland.
"It's in the public interest for those Queenslanders to continue to be employed, but at the same time (we're) doing everything we can, sending that very strong message with $100 million in fines, that this can't happen again," she said.
Star booked a loss of almost $200 million in 2021/22, down from its $116 million profit the previous financial year.
Its shares were in a trading halt on Friday afternoon after being paused an hour before the Queensland attorney-general's announcement.
Star is also facing civil penalties in the Federal Court after the Australian Transaction Reports and Analysis Centre (AUSTRAC) lodged a case against it over hundreds of compliance breaches.
The regulator alleges the company allowed customers to move money through non-transparent and highly risky channels, didn't know where the money in those channels was coming from and failed to consider their ongoing business relationships with higher-risk patrons.
AUSTRAC alleges Star Sydney has breached the law 1189 times, and Star Queensland has breached the law 325 times, since November 2016, with each individual breach carrying a maximum penalty between $18 million and $22.2 million.
© AAP 2022