Shares of Star Entertainment, a major casino operator, have been suspended because the company did not submit its financial results on time, according to the Australian stock exchange on Monday.
Star Entertainment had already stopped trading its shares on Friday to assess the impact of a critical report on its corporate culture and what it means for its financial results for 2024.
The company mentioned in a filing on Friday that it planned to release its full-year results later that day but needed to review how the report might affect what they disclose about their financial performance for the year ending June 30.
Earlier this year, the NSW Independent Casino Commission (NICC) hired lawyer Adam Bell SC to conduct a second investigation into Star Entertainment. The probe was initiated because the company had not fully addressed its cultural issues after being found guilty of major anti-money laundering and counter-terrorism failures in 2022.
According to NICC Chief Commissioner Philip Crawford, Adam Bell’s final report showed that Star Entertainment has been slow to fix the governance and cultural problems highlighted in his 2022 report. Crawford added, “It was uncertain if The Star could operate with less oversight when it continued showing past problematic behaviors even with its licence suspended.” Star Entertainment’s licence to run its Sydney casino has been suspended since October 2022.
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