Embattled Casino operator Star halts trading after bombshell report
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The Star Entertainment Group has announced a trading halt after a final report into the company's conduct was handed down in NSW.
The ASX Compliance made a market announcement on Friday confirming news of the trading halt.
'The securities of The Star Entertainment Group Limited ('SGR') will be placed in trading halt at the request of SGR, pending it releasing an announcement,' the announcement stated.
'Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 2 September 2024 or when the announcement is released to the market.'
The halt comes as the NSW Independent Casino Commission (NICC) handed down the final Bell Report, written by Adam Bell SC.
The report found the company hadn't addressed cultural concerns raised in the first 2022 report, which had found the Star wasn't suitable to hold a casino license.
THE STAR POKIES SHUTDOWN
NICC chief commissioner Philip Crawford said the group had only recently begun dealing with 'challenges that should have been prioritised earlier'.
'The Bell Report notes that Mr Steve McCann Group CEO, Ms Janelle Campbell Sydney CEO and โปรโมชั่น Ms Jeannie Mok Group Chief Operating Officer, bring important experience and expertise to the process of engagement with regulators and remediation and cultural transformation, which will be vital if the NICC decides that The Star should remain as the operator of The Star Casino,' Mr Crawford said.
He noted 'transparency and co-operation' had improved since the appointments of Mr McCann, Ms Campbell and Ms Mok.
Mr McCann, who formerly worked at Lendlease and Crown Resorts, was only appointed as CEO in late June.
'However, the Bell Report underscores the NICC's concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritise an urgent business turnaround,' he said.
'The NICC is responsible for regulating an industry that is highly vulnerable to criminal infiltration and we are tasked with setting regulatory standards that meet the community's expectations.
'It was unclear whether The Star could feasibly operate under less supervision, when it was exhibiting past behaviours with its licence still suspended.'
The ASX Compliance made a market announcement on Friday confirming news of the trading halt.
'The securities of The Star Entertainment Group Limited ('SGR') will be placed in trading halt at the request of SGR, pending it releasing an announcement,' the announcement stated.
'Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Monday, 2 September 2024 or when the announcement is released to the market.'
The halt comes as the NSW Independent Casino Commission (NICC) handed down the final Bell Report, written by Adam Bell SC.
The report found the company hadn't addressed cultural concerns raised in the first 2022 report, which had found the Star wasn't suitable to hold a casino license.
THE STAR POKIES SHUTDOWN
NICC chief commissioner Philip Crawford said the group had only recently begun dealing with 'challenges that should have been prioritised earlier'.
'The Bell Report notes that Mr Steve McCann Group CEO, Ms Janelle Campbell Sydney CEO and โปรโมชั่น Ms Jeannie Mok Group Chief Operating Officer, bring important experience and expertise to the process of engagement with regulators and remediation and cultural transformation, which will be vital if the NICC decides that The Star should remain as the operator of The Star Casino,' Mr Crawford said.
He noted 'transparency and co-operation' had improved since the appointments of Mr McCann, Ms Campbell and Ms Mok.
Mr McCann, who formerly worked at Lendlease and Crown Resorts, was only appointed as CEO in late June.
'However, the Bell Report underscores the NICC's concerns that it was not receiving all of the facts from The Star at a time when we needed certainty the company could fund and prioritise an urgent business turnaround,' he said.
'The NICC is responsible for regulating an industry that is highly vulnerable to criminal infiltration and we are tasked with setting regulatory standards that meet the community's expectations.
'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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