Star Entertainment responds to new inquiry, shares sink 23%
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The news: Star Entertainment shares tanked over 23% in early trading after it responded to news of a second inquiry into the casino operator late Monday. The group also deferred the release of its half-year results due to possible amendments related to the inquiry.
The numbers: Star shares were down 23.2% to 43 cents at 11:20am AEDT.
On Monday, the NSW Independent Casino Commission (NICC) said it would launch a second inquiry into the company's suitability to operate its Sydney casino, which will run for 15 weeks until 31 May.
The group requested a trading halt at 10:51am AEDT on Monday following the NICC's announcement when shares were trading at 56 cents.
The context: The Star released a statement to the ASX confirming that it "intends to participate in the inquiry in an open, transparent and facilitative manner." The group said it will "dedicate all necessary resources to the inquiry to ensure it meets all its requirements and expectations."
The casino operator, which manages The Star Sydney, The Star Gold Coast and Treasury Brisbane, also said it will delay the release of its half-year results, which were due to be released on Thursday.
The sources: ASX announcement , ASX announcement
