Star Entertainment’s shares suspended on failing to submit financial results on time

(Reuters) – Shares of casino operator Star Entertainment are suspended from quotation for not lodging its finanical results by the due date, the Australian bourse operator said on Monday.

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

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

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.

The final report by Adam Bell showed that Star has been slow to address 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 was exhibiting past behaviours with its licence still suspended,” Crawford said in a statement released on Friday.

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