Australia’s largest publicly traded casino operator has been temporarily suspended from the country’s stock exchange after failing to lodge its annual financial results.
Star Entertainment Group was delisted from the Australian Securities Exchange on Monday as the group faces scrutiny over a series of scandals related to criminal activity and unethical conduct at its casinos.
It is unclear when the embattled casino operator, which has venues in Sydney, Brisbane and the Gold Coast, will resume trading.
Star Entertainment halted trading of its shares on Friday after a state-level casino regulator issued a damning report accusing the group of failing to clean up a culture of money laundering and fraud.
The New South Wales Independent Casino Commission (NICC) found that the casino operator had not done enough to address “governance and cultural concerns” raised in a 2022 inquiry that found it unfit to hold a licence.
“It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier,” NICC chief commissioner Philip Crawford said.
“It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviours with its licence still suspended.”
In April, the casino regulator found that Star Entertainment rival Crown Resorts was suitable to hold a licence after addressing compliance problems exposed in a 2021 inquiry that revealed links to criminal syndicates overseas.
