The Star Entertainment Group has stated that it is reviewing its financial and liquidity position after the publication of its preliminary financial report for the 2024 financial year was delayed.
The update follows the casino operator’s request for a trading halt on the Australian Stock Exchange last week, as an independent inquiry into the operator by Adam Bell SC highlighted continuing regulatory shortcomings.
Appointed by the New South Wales Independent Casino Commission, Bell conducted an initial investigation into the Australian casino operator in 2022, deeming the operator unsuitable to hold a casino licence due to serious regulatory failures.
Following these findings, the NICC tasked Bell with another inquiry into The Star, which was published on 30 August 2024.
According to a NICC statement, the second Bell report “validated the concerns that prompted the second inquiry”. The Star then postponed the release of its FY2024 results and requested a trading halt from the ASX.
At the time, the NICC stated that it was “contemplating Mr Bell’s findings, including four compliance breaches, and will respond in due course”.
In response, The Star has released a statement on its website, reporting that it is reviewing its financial and liquidity position with several advisers to work towards finalising its FY24 financials, but the timing of its release is yet to be determined.
The statement reads: “The Star is currently reviewing its financial and liquidity position with various advisers in the context of seeking to finalise its preliminary financial report for the financial year ended 30 June 2024 (FY24), including holding discussions with various stakeholders in relation to its liquidity position in light of adverse trading and other conditions.
“The company confirms that the advice being provided has extended, from time to time, to considering the application of provisions of the Corporations Act 2001 (Cth) (including the safe harbour provisions).
“The company is working to finalise its FY24 preliminary financial report, although the timing of its release has not been finalised.
“The Star will provide a further update in respect of its financial and liquidity position in conjunction with the release of its FY24 preliminary financial report. Upon release of the FY24 preliminary financial report, the company’s shares would resume trading in accordance with the ASX Listing Rules.”
