The Star shares fall amid second inquiry announcement
Star Entertainment’s shares fell 26 per cent after the investigation into its Sydney casino was launched.
Australia.- The Star Entertainment Group witnessed a decline in its shares of nearly 26 per cent to a record low of AU$0.415 per share during early trading on Tuesday (February 20) following the announcement of the New South Wales Independent Casino Commission’s (NICC) second investigation into its Sydney casino.
The intraday when trading resumed after a temporary halt on Monday (February 19) was the largest the company has seen.
Scheduled to last 15 weeks, “Bell Two” will probe the casino’s adherence to regulatory standards, financial obligations and the efficacy of its reform agenda since the original inquiry. Despite extensions granted to the independent manager, the NICC has expressed dissatisfaction with the pace of remediation efforts, prompting renewed scrutiny. Hearings will be conducted privately.
The casino operator said it intends to participate “in an open, transparent and facilitative manner,” and said it will allocate all necessary resources to the inquiry.
