Star Entertainment shares fall as inquiry outcome draws closer
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More news: Star Entertainment shares tumbled in morning trade after the casino operator informed the ASX that it was "not currently aware" of any new information that could explain a recent surge in its share price.
Star shares were down 3.8% to $0.56 by 11:50am AEST, after climbing nearly 15% since Friday.
Traders will also be on watch after the gambling group noted that Adam Bell's report from the inquiry into the suitability of Star to hold a NSW casino licence is due to be provided to the NSW Independent Casino Commission on Wednesday.
Star 'not currently aware' of reason for 15% share price rise
The news: Star Entertainment says it is not currently aware of any information not previously announced to the market that could explain recent trading in its shares.
The numbers: The gambling group received an ASX price query on Monday after its shares jumped 14.7% in five sessions from a low of $0.510 on 26 July to a high of $0.585.
The context: In its response to the ASX, Star noted "various media articles speculating on potential corporate activity involving SGR and the various financial challenges being confronted by SGR".
On Monday, The Australian reported that the casino operator's board "slammed" a confidential report by its independent manager Nick Weeks.
Star also said that Adam Bell's report from the inquiry into the suitability of Star to hold a casino licence in New South Wales is due to be provided to the NSW Independent Casino Commission on Wednesday, with the public release of the report expected "sometime thereafter".
The source: ASX announcement
