Star Entertainment shares fall after money laundering allegations

The Australian casino firm’s shares fell dramatically after media allegations of money laundering. The company denies the accusations. 

Australia.- Australian shares ended lower today as Star Entertainment Group‘s share price fell by more than a fifth, following media allegations that it failed to do enough to prevent money laundering and fraud at its resorts.

A joint report by three news outlets (The Age, The Sydney Morning Herald and 60 Minutes), implicated the firm in suspected money laundering, organised crime and fraud. They say that between 2014 and 2021 the firm wooed high-rolling gamblers who were allegedly linked to criminal or foreign-influenced activities.

Star’s main rival, Crown Resorts, faced similar claims in 2019, which led to a series of investigations and inquiries that are still going on.

Star said in a statement to the Australian Securities Exchange, that it was “concerned by a number of assertions within the media reports that it considers misleading.”

It said: “We will take the appropriate steps to address all allegations with relevant state and federal regulators and authorities.”

See also: Star Entertainment posts revenue of AU$1.56bn for FY21