Star shares fall on deferred Gold Coast licence suspension
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The news: Shares in Star Entertainment lowered on the ASX after the Queensland government deferred the gambling group's licence suspension at its Gold Coast casino from 20 December until 31 March 2025.
The numbers: The Star's shares were down 5.1% to 18.5 cents by 1pm AEDT, extending losses of around 65% since January.
The context: The Queensland Attorney General and Minister for Justice and Integrity advised the company of the deferral and extended the special manager's appointment for the casino until 30 June 2025.
The Star was told that the decision was made to provide the casino operator with the opportunity to address "significant outstanding remediation matters", including addressing issues raised in the Adam Bell inquiry, and the findings and recommendations of the second Bell report.
The group has been advised that it is expected to take "swift action" to address the relevant outstanding remediation matters and that the commissioner for liquor and gaming regulation will review its progress in February 2025.
In May, the Queensland government approved changing the date of licence suspensions for The Star Gold Coast and Treasury Brisbane casinos from 31 May to 20 December.
The Queensland government fined the casino operator $100 million in December 2022 and gave it a year to address the remediation matters following an inquiry into its operations in the state.
The source: ASX announcement
