Star shares plunge amid ILGA inquiry into Sydney casino
The Star Entertainment Group shares have fallen to their lowest in 17 months following the start of the ILGA’s public hearing into The Star Sydney.
Australia.- A day after the New South Wales Independent Liquor & Gaming Authority (ILGA) started a public hearing as part of The Star Casino’s licence review, Star Entertainment Group shares have fallen to their lowest in 17 months.
Shares in the company fell as much as 7 per cent by 11:40 am local time before falling 2.9 per cent to $3.215. That’s the lowest level since October 2020 and reduces the group’s market value to AU$3bn (US$2.22bn).
The New South Wales regulator asked Adam Bell SC, the counsel that assisted New South Wales’ inquiry into Crown Resorts, to conduct a review on Star Casino last September. The decision came after the inquiry into Crown Resorts found it unsuitable to hold a licence for its Crown Melbourne casino, although the operator was allowed to keep its licence under stricter conditions.
On Thursday, the first day of public hearings, Paulinka Dudek, deputy treasurer of the Star Group admitted that she misled National Australia Bank about the use of a China UnionPay card at Star Entertainment venues.
The inquiry heard that around AU$900m was processed on the CUP cards before CUP terminals in Star venues were disabled in 2020.
