Queensland delays Star’s casino license suspension
The Queensland government has delayed its decision to suspend Star Entertainment’s casino license for The Star Gold Coast and gave the company a chance to show progress in...
JPMorgan exits Star Entertainment due to regulatory troubles
JPMorgan Chase & Co. has sold its stakes in Star Entertainment, marking the end of its investment in the Australian casino operator.
Star Entertainment, which owns Star Sydney and other famous facilities, has been facing various challenges that have severely impacted its operations. A recent regulatory filing with the Australian Securities Exchange (ASX) confirmed that the bank JPMorgan no longer has shares in the company as of December 18, 2024.
The exit comes after a few months of purchasing 5.47% of Star’s voting stake. Star Entertainment, together with its larger rival Crown Resorts, is under investigation for serious violations, including money laundering and poor governance practices. These investigations revealed that high-value gamblers were able to avoid regulatory checks, raising concerns about the casino’s ability to prevent criminal activity.
JPMorgan’s exit shows challenging and short-term prospects for the casino operator, which is also struggling with a decline in Chinese customers exiting Macau or Singapore. Moreover, Star’s financial performance is also struggling, and the company is considering selling assets and raising much-needed cash. With ongoing anti-money laundering investigations, Star’s future remains uncertain.
The Star Entertainment secures $130M amid challenges
In the face of ongoing legal challenges, Australian gambling operator The Star Entertainment has admitted that management's top priorities continue to be liquidity and...
