How much financial punishment either casino group will suffer also remains an open question.

Crown, which is further down the track in being assessed for various regulatory breaches, has already copped an $80 million fine for the misuse of China Union Pay cards. It’s likely to face additional fines as the Victorian gambling watchdog has already begun disciplinary proceedings about the company’s failure to adhere to its responsible gambling obligations, with a maximum fine of $100 million.

Meanwhile, the financial crimes regulator AUSTRAC has also instituted civil proceedings against Crown in relation to alleged money laundering.

The Bell inquiry into Star heard that the casino operator had disguised more than $900 million of gambling transactions using China UnionPay cards. While Star’s shares have been placed in a trading halt until the Bell report is made public, if the expected outcome comes to pass then Star’s share price may not be particularly disturbed.

Analysts and investors have already factored in a scenario in which Star retains its licence conditional on cleaning up its act. The real financial action will come later if, as was the case with Crown, AUSTRAC or the new casino regulator in NSW issues fines or begins legal action against Star.

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The prospect of additional fines for Crown, the costs incurred by it to clean up its casinos and the obliteration of the junket market did not prove to be a deterrent for private equity player Blackstone, which bid almost $9 billion earlier this year to take Crown private. Blackstone, a savvy operator, clearly believes that its investment in acquiring Crown will provide it with a good return.

While both casino groups have sustained hits to their earnings over the past two years as their respective properties were closed at various times during waves of COVID, the lockdown pressures have now disappeared.

This should be a more normal financial year for both operators, even though international players particularly from China may not return in a hurry.

As for Star, it still has to jump the hurdle of yet another regulatory inquiry in Queensland after which it will get on with the heavy lifting of overhauling its risk management processes and its culture.