Shares of casino operator Star Entertainment have been suspended from trading after failing to submit its financial results by the due date, the Australian stock exchange operator announced on Monday.
Star Entertainment entered a trading halt on Friday to address the fallout from a critical report on its corporate culture and to assess the impact on its fiscal 2024 results.
In a filing on Friday, the company stated that it was scheduled to release its full-year results later that day and was “considering the implications the report may have for disclosures concerning its financial results for the year ended June 30th.”
The trading halt on Friday followed a regulator’s statement that Star Entertainment remained “unsuitable” to hold a casino license.
The New South Wales Independent Casino Commission (NICC) published the second Bell Report regarding The Star and is now considering the future of the suspended casino operator. Two volumes of the three-volume report will be made public as the NICC reviews the findings of Mr. Adam Bell SC and their potential implications.
The first Bell Report (Bell Inquiry), released in 2022, deemed The Star unsuitable to hold a casino license due to serious regulatory failures. That same year, the state government imposed AU$100 million ($68.1 million) in fines on The Star due to “major failings” at its casinos.
