New Zealand Markets closed

Sacked Star casino boss paid $200,000


The former managing director of The Star casino in Sydney was paid nearly $200,000 after being sacked for inappropriate behaviour.

Sid Vaikunta was stood down in February by the casino's owner Echo Entertainment because of allegations of sexual harassment involving a female member of The Star's staff.

Mr Vaikunta has denied the allegations.

Echo's annual report for the 2011/12 financial year, released on Friday, shows Mr Vaikunta received a termination payment of $192,125.

He was also paid a salary of just over $470,000 up to the date of his sacking, taking his total payments in the financial year to $662,270.

Mr Vaikunta's pay in the previous year totalled $1.95 million.

The Star was fined $110,000 by the NSW Independent Liquor and Gaming Authority over Mr Vaikunta's sacking.

The authority ruled the casino had failed to promptly notify the authority when Mr Vaikunta was suspended from his position, which occurred on December 19, 2011.

Meanwhile, Echo's chief executive Larry Mullin's pay dropped by 35 per cent in 2011/12, to $2.7 million.

Mr Mullin received no bonus in 2011/12 as the company failed to meet performance targets.

He was paid a $1.35 million bonus in the previous year, as part of a $4.17 million pay package.