Australia’s Star Entertainment halts trading to assess impact of regulatory findings

(Reuters) – Star Entertainment said on Friday its Australia-listed shares were halted from trading for the casino operator to digest the fallout from a scathing report on its corporate culture and assess the implications on its fiscal 2024 results.

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

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

The company said in a bourse filing on Friday that it is due to publish its full-year results later in the day, and is “considering the implications the report may have for disclosures concerning its financial results for the year ended June 30.”

The final report by Adam Bell shows that Star has been slow to address governance and cultural issues identified in Bell’s 2022 report, according to NICC Chief Commissioner Philip Crawford.

“The NICC is contemplating Mr Bell’s findings, including four compliance breaches, and will respond in due course,” Crawford said in a statement released on Thursday.