Star Leisure Group delisted days after damning report by on line casino regulator in New South Wales.
Australia’s largest publicly traded on line casino operator has been briefly suspended from the nation’s inventory trade after failing to lodge its annual monetary outcomes.
Star Leisure Group was delisted from the Australian Securities Trade on Monday because the group faces scrutiny over a sequence of scandals associated to legal exercise and unethical conduct at its casinos.
It’s unclear when the embattled on line casino operator, which has venues in Sydney, Brisbane and the Gold Coast, will resume buying and selling.
Star Leisure halted buying and selling of its shares on Friday after a state-level on line casino regulator issued a damning report accusing the group of failing to wash up a tradition of cash laundering and fraud.
The New South Wales Impartial On line casino Fee (NICC) discovered that the on line casino operator had not executed sufficient to handle “governance and cultural issues” raised in a 2022 inquiry that discovered it unfit to carry a licence.
“It has solely very not too long ago turned its consideration to coping with challenges that ought to have been prioritised earlier,” NICC chief commissioner Philip Crawford stated.
“It was unclear whether or not The Star might feasibly function underneath much less supervision, when it was exhibiting previous behaviours with its licence nonetheless suspended.”
In April, the on line casino regulator discovered that Star Leisure rival Crown Resorts was appropriate to carry a licence after addressing compliance issues uncovered in a 2021 inquiry that exposed hyperlinks to legal syndicates abroad.