Trading in the securities of The Star Entertainment Group Limited has been suspended at the company’s request after a report by the New South Wales casino regulator declared the group unsuitable to regain its Sydney casino license. 

According to a dispatch from The Star, unless the Australian Securities Exchange (ASX) decides otherwise, the halt will remain in effect until normal trading resumes on Monday, September 2nd, 2024, or until an announcement by the group is released.

The decision comes after a troubling inquiry that deemed Star Entertainment unsuitable to regain control of its lucrative Sydney casino.

The New South Wales Independent Casino Commission (NICC) has published the second Bell Report regarding The Star and is now considering the future of the suspended casino operator. Two volumes of the three-volume report will be made public as the NICC reviews the findings of Mr. Adam Bell SC and their potential implications.

The first Bell Report, released in 2022, deemed The Star unsuitable to hold a casino license due to serious regulatory failures.

In that year, the state government imposed AU$100 million (US$68.1 million) in fines on The Star due to “major failings” at its casinos.

NICC Chief Commissioner Philip Crawford now stated that the latest report has confirmed the concerns that led to the second inquiry.