Star Entertainment Shares Halted

(Reuters) – Star Entertainment announced on Friday that its Australia-listed shares have been halted from trading. This decision allows the casino operator to assess the fallout from a critical report regarding its corporate culture and its implications for fiscal 2024 results.

Earlier in the year, the NSW Independent Casino Commission (NICC) appointed lawyer Adam Bell SC for a second investigation into the company, due to concerns that Star had not adequately addressed its cultural deficiencies. This came after the company was found responsible for significant anti-money laundering and counter-terrorism failures in 2022.

Star Entertainment’s license to operate its Sydney casino was suspended in October 2022.

In a recent bourse filing, the company stated it plans to publish its full-year results later in the day, while also considering how the findings might impact disclosures related to its financial results for the fiscal year ending June 30.

Adam Bell’s final report indicates that Star has been slow to respond to governance and cultural issues previously identified in his 2022 report. NICC Chief Commissioner Philip Crawford stated, “The NICC is contemplating Mr. Bell’s findings, which include four compliance breaches, and will respond in due course,” in a statement released on Thursday.