Australian Casino Giant Delisted from Stock Exchange
Australia’s largest casino operator, Star Entertainment Group, has been suspended from trading on the ASX after missing the deadline to submit its annual financial report.
Star Entertainment halted its shares trading on Friday after the NSWICC's scathing report.
LISTEN TO THIS ARTICLE:Star was reportedly delisted from the Australian Securities Exchange (ASX) for “not lodging the relevant periodic report by the due date” of August 30.
This development comes amid mounting pressure from regulators and investors over allegations of criminal activity and unethical practices at its casinos. A state casino regulator had released a scathing report slamming the company’s anti-money laundering efforts.
The New South Wales Independent Casino Commission claimed that Star Entertainment had failed to adequately address the governance and cultural issues identified in a 2022 inquiry, which concluded that it could not hold a gaming license.
It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier. It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviours with its licence still suspended.
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Regulatory investigations revealed the company allowed dubious patrons to funnel vast sums into the business. These include Xiangmo Huang, a Chinese real estate billionaire with reported ties to the Chinese government, who invested over $1 billion in the company over several years.
Additionally, another high-stakes patron was allegedly linked to human trafficking operations. Star Entertainment’s rival Crown Resorts, which faced similar scrutiny in 2021 when an inquiry exposed its own links to criminal syndicates and compliance issues, was deemed fit to retain its license in April. The casino regulator found that Crown Resorts had successfully addressed the problems.
Currently, there is no clear indication of when Star Entertainment will be allowed to resume trading. The group has three venues across Australia, including Sydney, Brisbane, and the Gold Coast. The Star Gold Coast Casino is ranked in the list of top 7 casinos to visit in Australia.
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