ASX Suspends Star Entertainment over Missed Report Deadline
The Star Entertainment Group announced that it has been suspended from the ASX, Australia’s primary stock exchange. The suspension was enforced due to a missed deadline, according to an official ASX filing.
The ASX Suspends The Star Entertainment
The announcement was made on September 2 as The Star Entertainment was suspended from the ASX due to a violation under Listing Rule 17.5. According to the official announcement, the company had failed to lodge its periodic financial report on time, prompting the suspension.
As a result, trading of the following stock has been temporarily halted:
This development followed a trading halt that was outlined in an August 30 ASX filing. Back then, the company announced that its securities would be placed on trading halt, pending the release of an official announcement. The halt was set to continue until the commencement of normal trading on Monday or the release of The Star Entertainment’s announcement.
The Star Is Embroiled in Regulatory Trouble
The suspension comes a few days after the group was found unfit to hold a casino license in Sydney. The latest inquiry revealed that the significant corporate culture problems faced by the company are still present.
Earlier findings accused The Star Entertainment of allegedly prioritizing profit and fostering a culture of internal politics and self-preservation among staff. The ongoing issues stem from a probe that revealed multiple regulatory violations and lax anti-money laundering processes at The Star Entertainment and its Sydney property.
A special manager was appointed to oversee the company’s remediation efforts. Unfortunately, the remediation process has proven to be difficult, yielding mixed results. As a result, The Star’s Sydney license remains in peril, meaning that the company’s iconic property might be forced to shut its doors.
Despite The Star Entertainment’s insufficient progress, the regulator has demonstrated incredible patience in dealing with the company. A likely reason might be the multiple thousands of employees whose livelihoods would be jeopardized, should The Star Entertainment lose its license in Sydney.
In more positive news, The Star Entertainment just opened its new property in Queensland, Queens Wharf Brisbane. This comes shortly after the closure of its Treasury Brisbane Casino property.
