Lisa Cheban | 12 September, 2022 12:19 | Last update on: 12 September, 2022 12:19
The Star Entertainment group has halted the trading of the Star stocks on the Australian Security Exchange (ASX) after different news-outlets report that the company has lost its casino license in the New South Wales (NSW) state.
A lot of land based casino operators in Australia have been under investigation due to the lack of focus on responsible gaming. The crown Sydney was also at risk of losing its casino license and Star casino is the next of being at risk of losing the gambling license.
The Star was already under review since September last year. This investigation is now entering the final stages and rumours via the media suggest that the Star Entertainment group might lose its valuable casino license. Which would be a huge blow to the company, which could have catastrophic consequences for the stock price of The Star group at the ASX.
However, Australian newspapers also reported that the Star can keep its license in New South Wales if they put in a compliance reform and replace the company´s board of directors to show good intentions for keeping its gambling license.
In return, The Star declares that it has not received a copy of the report yet and that it is unaware of the content of the report. However, it also said that the report is going to be released in the coming days.
In response to all the rumours, the company submitted a request to the ASX of halt the trade of its share with immediate effect. Since these rumours could provoke trading in an uninformed market. The star said: “The Star is not aware of any reason why the trading halt should not be granted, nor is it aware of any other information required to be provided to the market or ASX in relation to the trading halt.”