The Star Entertainment Group has beenfrom trade by the Australian Securities Exchange (ASX) for failing to submit its annual financial report.
The casino operator is now facing uncertainty following a trade freeze and fresh regulatory concerns.
It entered a voluntary trading halt on Friday — putting a freeze on the buying or selling of its shares. The ASX has now ordered this pause to continue.
It coincides with a new report into operations at The Star’s Sydney casino after a 2022 inquiry accused it of “serious regulatory failures.”
Background
is a publicly listed Australian company.
It owns and operates The Star Sydney, The Star Gold Coast, and Treasury Brisbane casinos.
Its earnings report for the 2023/24 financial year was due to the ASX by the end of last week.
On Friday morning, it entered a voluntary trading halt, “pending it releasing an announcement.”
The Star suspended by ASX
The casino was expected to resume trade on Monday, or when that announcement was “released to the market”.
However, it failed to meet the Friday deadline to submit its latest financial report to the ASX.
On Monday morning, theannounced it suspended The Star from trading.
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The casino operator is yet to share its results for the last financial year.
Inquiry
A 2022 inquiry into the Star was led by the NSW Independent Casino Commission (NICC). It detailed evidence of money laundering, organised crime, and fraud.
It found The Star was unfit to hold a casino license. An independent manager was appointed to run the casino.
This year, the NICC called for a follow-up inquiry. Its aim was to determine if The Star had properly addressed structural change to reduce misconduct.
The final report was handed down on Friday, three months later than expected.
The NICC’s second report on The Star found the casino did not move “quickly enough” to address the concerns identified in its 2022 inquiry.
“It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier,” NICC Chief Commissioner Philip Crawford said.
“The Star is currently falling short of what is required from a suitable casino operator,” the report said.
However, Crawford acknowledged that “the level of transparency and cooperation” from The Star has “certainly improved” since it appointed new staff to senior management roles.
The NICC is still working to determine if The Star will retain its casino license.
It urged The Star to “take all reasonable steps to ensure” its casino operations are compliant with relevant regulations and conditions.
TDA reached out to The Star for comment on the report and trade freeze. It said any further announcements would be made via the ASX.
