Star Entertainment shares dip amid uncertainty over licence
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The news: Shares in Star Entertainment Group are trading lower on the ASX amid uncertainty over an inquiry report into its suitability to hold a casino licence in New South Wales.
The numbers: Star Entertainment shares were down 1.7% at 57 cents each, and have now lost more than 40% of their value over the last 12 months amid a shrinking premium gaming market and regulatory troubles.
The context: Star is due to find out its fate following a second NSW inquiry into the flagship Sydney casino’s suitability to hold a gaming licence.
The final report by Adam Bell SC was due on 31 July but the company told the ASX on Thursday the report had not yet been publicly released and it had not received a copy or advised of its contents.
Its statement came in response to a media report by The Australian that the inquiry recommended Star should not be considered suitable to hold a casino licence and an external manager’s appointment would need to be extended indefinitely.
The sources: ASX announcement, The Australian
