Trading has halted on The Star Entertainment’s shares, pending the release of the Bell report.
The report is set to determine whether the company should continue to hold a casino licence in New South Wales (NSW).
The Star wanted to stop trading following a report that appeared in The Australian. It claimed that The NSW Independent Liquor Gaming Authority, (ILGA), had ruled the company should be stripped of its casino license.
According to the report, The Star’s licence should be revoked by the ILGA until the board is restructured and compliance reforms are implemented.
Official release of the report is scheduled for tomorrow, 13 September. It was led by Adam Bell, an ILGA member. According to reports, the report was presented earlier in September to officials from state who were briefed by officials of NSW Government on its contents.
Despite trading being suspended, The Star has told Australia’s stock exchange (ASX) that it does not know what the outcome of the report will find.
The statement was as follows: “The Star is yet to receive a copy of the report, which has not been released publicly, and a trading halt is requested pending the public release of the report, which The Star understands will be made on Tuesday 13 September 2022.
“The trading halt is requested following media reports concerning the contents of the final report of the review of The Star Sydney undertaken by Adam Bell SC in accordance with the Casino Control Act 1992 (NSW).
“The trading halt is necessary as otherwise trading in securities may take place in an uninformed market.”
The Star may be required to cease all plans for a license to casino if it is determined that The Star is not suitable.
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