Star initiates trading halt as new inquiry starts in NSW

Star initiates trading halt as new inquiry starts in NSW

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Star initiates trading halt as new inquiry starts in NSW

Following the initiation of a new inquiry in NSW, Star Entertainment has requested a trading halt of its shares on the ASX.

The inquiry in question was initiated by the gambling regulator of the Australian state of NSW, the NICC, which aims to assess the company’s suitability for continuing to be responsible for the operations of the Star Sydney establishment. The inquiry will be active for just under four months, with its final date anticipated to be the 31st of May.

The inquiry follows an investigation carried out by the state’s government in 2022 which found that Star Entertainment had implemented lacking AML measures at its Sydney property. The original investigation resulted in a fine of 100 million dollars for the firm, in addition to the decision to suspend its operating license in NSW.

Shortly after the announcement of the new inquiry was published, Star Entertainment requested a trading halt for its stock on the ASX.

This news follows shortly after the operator entered into an agreement in NSW to join the cashless gambling trial launched by Liquor and Gambling NSW back in September of last year, through which the regulator aims to combat various financial crimes that rely on gambling businesses to launder illicitly obtained funds.

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