Star Entertainment rallies on response to casino regulator
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The news: Shares in Star Entertainment rocketed in morning trade on the ASX, after the casino operator confirmed that it had lodged its response to a 'show cause' notice from the NSW casino regulator.
The numbers: The Star's shares were up 18% to 29.5 cents by 11:20am AEST.
It was the worst performing stock across the ASX 200 on Friday, plunging 41.1%, after emerging from a trading suspension that has been in place since 2 September when it failed to lodge its full-year results.
The context: Late on Friday, the Star confirmed that it had responded casino regulator's 'show cause' notice, relating to matters arising from Adam Bell's second report, published last month, which followed a months-long inquiry into the Star's suitability to hold a NSW casino licence.
The gambling group has also made further submissions to the regulator in relation to The Star Sydney's suitability to hold the Sydney casino license, progress on its remediation plan, the company's current financial position, and its proposed plans to address financial issues on an ongoing basis.
Elsewhere, The Star confirmed the sale of the Treasury Brisbane Casino building has been completed for net proceeds of $60.5 million.
The source: ASX announcement
