The Star Leisure Group’s shares have been suspended on the ASX amid rising expectations a extremely anticipated regulatory report will discover the corporate is unfit to carry a on line casino license.
The Sydney and Brisbane on line casino operator requested a buying and selling halt on the ASX on Monday, forward of the discharge of a report by Adam Bell, SC following a prolonged public inquiry into the corporate. The Bell report was handed to the NSW authorities firstly of this month after 36 on-line hearings and testimonies from greater than 30 witnesses.
The Australian reported that the Bell inquiry would suggest The Star was unfit to carry a on line casino license in NSW except it overhauls its board and compliance division.
In a press release to the ASX on Monday The Star stated it had not “obtained a replica of the [Bell] report, is unaware of its contents, however understands the report is to be launched quickly”.
The Star will resume buying and selling on the ASX on Wednesday, or when the Bell report is launched to the general public.
Trade sources accustomed to the contents of the report informed The Sydney Morning Herald and The Age that The Star shall be discovered unfit to carry a gaming licence in NSW. The report is anticipated to be launched on Tuesday.
The general public inquiry was launched after a 2021 investigation by the Herald, The Age and 60 Minutes alleged The Star enabled suspected cash laundering, organised crime, large-scale fraud and overseas interference in its Australian casinos for years, although its board was warned its anti-money-laundering controls have been failing.
Alleged cash laundering, prison infiltration and fraud took centre stage through the inquiry, which led to the resignations of Star executives, together with former boss Matt Bekier.
Counsel helping the inquiry Naomi Sharp, SC, closed her submissions in June arguing that Star Leisure Group and its shut associates weren’t appropriate for a on line casino licence.