The Star halts trading amid release of second inquiry report
The report finds The Star to be “falling short of what is required from a suitable casino operator.”
Australia.- The Star Entertainment Group has requested an immediate halt to trading of its ordinary shares following the New South Wales Independent Casino Commission (NICC)’s release of the report on Adam Bell SC’s second inquiry.
The company said trading will remain paused until the commencement of normal trading on Monday or when an announcement is made, whichever is earlier.
“Bell Two” probed the casino’s adherence to regulatory standards, financial obligations and the efficacy of its reform agenda since the original inquiry. It found The Star to be “falling short of what is required from a suitable casino operator.”
NICC chief commissioner Philip Crawford said: “The Bell Report reveals a company that had not moved quickly enough to address the governance and cultural concerns raised in the first Bell Report. It has only very recently turned its attention to dealing with challenges that should have been prioritised earlier.”
It notes that group CEO Steve McCann and other appointments brought experience which will be vital if the NICC decides that The Star should remain the operator of The Star Casino. It said the level of transparency and cooperation had improved since their appointments. However, the report raises concerns that the NICC was not receiving all of the facts from The Star at a time when the regulator needed certainty.
See also: Paul Newson: “NSW has lost its gambling policy and regulatory leadership mantle”
