Star Entertainment Group is in the news for the wrong reasons once again, this time for a suspension on investors trading the company’s shares after the Brisbane-based company failed to report its most recent financial year results on time.
Australia’s largest listed casino company was initially planning to release these figures on Friday before the publication of a report in New South Wales that concluded it is unfit to hold a casino license led to the company pushing back the earnings announcement.
failed to meet its regulatory requirement to release its report on time
As it failed to meet its regulatory requirement to release its report on time, the Australian Securities Exchange (ASX) suspended trading on the company’s shares on Monday until further notice. Before the trading halt, Star’s share price fell to AU$0.45 (US$0.30), a 50% drop over the past year.
The report on Friday came on the back of a second inquiry into the company, with the person leading the inquiry, SC Adam Bell, deeming that Star Entertainment has failed to do enough to address extensive cultural and governance concerns over the past two years.