The Star halts trading amid fears for NSW casino licence

The halt was requested following media reports relating on the contents of the New South Wales report into the operator.

Australia.- The Star Entertainment Group Limited requested an immediate halt to trading of its ordinary shares following media reports about the contents of Adam Bell SC’s final report from New South Wales’ review of The Star Sydney.

The Australian newspaper reported over the weekend that the report will recommend that Star should lose its NSW licence if it does not overhaul its board and introduce compliance reforms. It also reported that the review has been referred to state officials, delaying its expected publication.

Star said it has not received a copy of the report and does not know its contents, but expects the report to be released in the next few days. It made the request to halt trading in accordance with ASX Listing Rule 17.1. 

The Star requested that the trading halt will remain in place until the release of the report or the commencement of trading on Wednesday September 14, whichever is earlier.  

The company said: “The Star is not aware of any reason why the trading halt should not be granted, nor is it aware of any other information required to be provided to the market or ASX in relation to the trading halt.”

Earlier this month, the Independent Liquor & Gaming Authority appointed Wexted Advisors as an independent observer to act on its behalf to observe and monitor operations and internal procedures at The Star Sydney. It said it had made the decision due to the serious matters uncovered in its review into the casino and the potential for ongoing compliance failures.

Star has stated that it is committed to working with Wexted and providing full access to all information requested. Wexted’s report will help the New South Wales Independent Casino Commission (NICC) identify areas of immediate concern while it assesses its response to Bell’s report.