Embattled Star Entertainment Group pulled up by ASX for late lodgement with licence in limbo

[Pelican Press 0]

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Embattled Star Entertainment Group pulled up by ASX for late lodgement with licence in limbo

With its 2024 financials now running late all eyes are on Star Entertainment Group for a response to a second report doubting its ability to run the flagship Sydney casino.

Star had been due to lodge its finances for the year on Friday — the last day of reporting season — but had been delayed further after receiving a final report from a 2024 inquiry into allegations of systematic failings across the business.

The latest findings by Adam Bell SC acknowledged Star’s efforts in improving risk management and transparency since a first inquiry deemed Star unsuitable to hold a Sydney casino licence.

But the report tabled Friday ultimately determined the organisation was “falling short of what is required from a suitable casino operator.”

The NSW Independent Casino Commission will consider the findings to decide what happens next for Star. The casino had continued to operate with an appointed manager and stricter rules.

The company on Friday indicated there would be a market update in response to claims about its financial health and the inquiry by Monday. Star owns The Star Sydney, The Star Gold Coast and Treasury Brisbane.

According to the *********** Financial Review, Star has been negotiating debt repayments, asking the New South Wales and Queensland governments for tax relief and trying to shore up other means of capital to see it through the near-term.

In June, Star recruited former Crown Resorts and Lendlease boss Steve McCann to steer the group through its hopeful rehabilitation.

Shares in Star last changed hands at 45¢.

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