The Star Entertainment Group is facing backlash once again, as trading of its shares has been suspended due to the company’s failure to release its most recent financial year results on time. This news comes after a report in New South Wales concluded that the company is unfit to hold a casino license, leading to the postponement of the earnings announcement originally scheduled for Friday.
The Australian Securities Exchange (ASX) halted trading of Star Entertainment Group shares after the company missed its regulatory requirement to release its financial report on time. Prior to the trading halt, the company’s share price had dropped by 50% over the past year to AU$0.45 (US$0.30).
The report on Friday followed a second inquiry into the company, where SC Adam Bell found that Star Entertainment had not adequately addressed cultural and governance concerns over the past two years. This latest development has further tarnished the company’s reputation and raised questions about its leadership and management practices.