The Star Entertainment submits response to show cause notice from NICC
This comes a day after posting a poor set of FY24 results.
The Star Entertainment Group has confirmed it has responded to the show cause notice issued by the New South Wales Independent Casino Commission (NICC).
Two weeks ago, the NICC issued a show cause notice as it sought a response from The Star and why it shouldn’t take action with regards to breaches raised within the second Bell Report.
This report was the final one in relation to the 2024 independent inquiry into the operator, with the notice relating to four “significant” breaches.
Today The Star has confirmed that it has filed its response to the notice in relation to the matters from the second Bell Report, while on top of this “the company (and The Star Sydney) have also made further submissions to the NICC in respect of several matters; including, among others, The Star Sydney’s suitability to hold the Sydney casino licence, progress in respect of its remediation plan, the company’s current financial position and its proposed plans to address financial issues on an ongoing basis.”
Within the release, The Star has also confirmed it has completed the sale of the Treasury Brisbane Casino building for net proceeds of AU$60.5m (US$41.9m), after reports at the start of this month indicated it would be selling it to Griffith University.
Today has also seen the resumption of trading of the operator’s shares on the Australian Securities Exchange (ASX), after they had been suspended owing to failure to lodge financial results by the required deadline.
However, a day after FY24 results were posted by the company, which showed a 71% drop in net profit and statutory net loss valued at AU$1.69bn after significant items, its share price at the time of writing (14:57 UK time) was AU$0.25, a decrease of 44.4% from its previous share price.
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