Star Entertainment’s shares were suspended for failing to present financial results on time

(Reuters) – Shares in casino operator Star Entertainment are suspended for failing to file financial results by the due date, the Australian stockbroker said on Monday.

Star Entertainment paused on Friday to digest the fallout from a scathing report on its corporate culture and assess the implications for its fiscal 2024 results.

The company said in a filing on Friday that it was due to release its full-year results later in the day and had “considered the implications the report may have for its financial results disclosures for the year ended 30 June”.

Earlier this year, the NSW Independent Casino Commission (NICC) appointed barrister Adam Bell SC to conduct a second investigation into the company over concerns it had not sufficiently addressed its cultural failings after it was exposed for anti-money laundering and terrorism. failures in 2022.

Adam Bell’s final report showed the Star was slow to address the governance and cultural issues identified in Bell’s 2022 report, according to NICC chief commissioner Philip Crawford.

“It was unclear whether The Star could feasibly operate under less supervision when it exhibited past behaviors with its license still suspended,” Crawford said in a statement released Friday.

Star Entertainment’s license to operate its Sydney casino was suspended in October 2022.

(Reporting by Echha Jain in Bengaluru; Editing by Rashmi Aich)