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The Star Entertainment Group Ltd (ASX:SGR) the share price was frozen as the company prepares to receive the findings of a review of its fitness to operate its Sydney casino.
The review, undertaken by Adam Bell SC, reportedly found the company unfit to run the casino.
The company responded to such speculation today, saying it was not aware of any finds to date.
The title was suspended this morning. It should remain frozen until the report is released. It last traded at $2.66.
Let’s take a closer look at what’s going on with the S&P/ASX 200 Index (ASX: XJO) casino operator this week.
Star share price frozen ahead of ILGA findings
Star’s share price is frozen today as a company, and the market is bracing for the fate of its Sydney casino.
The final report of a review by the NSW Independent Liquor and Gaming Authority (ILGA) is due out tomorrow.
This follows an investigation which reportedly learned that the casino operator misled regulators, got involved in suspicious transactions and concealed gambling expenses.
The review found that the company was unfit to hold a casino license in New South Wales, according to a report by The Australian.
However, it is expected to be offered a remediation program similar to that followed by formerly ASX-listed Crown.
Responding to the publication’s claims, the company said it “did not receive a copy of the report [and] ignore its contents.
He also said the trading halt is “necessary because otherwise trading in securities could take place in an uninformed market.”
He will make another statement after publication.
The company is also facing an investigation in Queensland over the operations of The Star Gold Coast and Treasury Casinos.