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Trading halted in troubled Australian casino firm
Economy

Trading halted in troubled Australian casino firm

by  AFP 1 min read
Sydney's Star casino and event centre, part of the Star Entertainment group
Sydney's Star casino and event centre, part of the Star Entertainment group. Photo: DAVID GRAY / AFP/File
Source: AFP

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Trading in troubled Australian casino operator Star Entertainment was paused on Friday as the company sought to free up enough cash to keep afloat.

Star said it was exploring "possible liquidity solutions" -- including last-minute bailout offers -- but conceded there was "material uncertainty" clouding its future.

The Australian Securities Exchange said trading in Star had been "temporarily paused" just minutes before the stock market opened.

The company last traded at Aus$0.12 a share (US$0.07) with a market capitalisation of Aus$344 million.

The firm has previously been accused of not adequately policing criminal infiltration and doing little to vet the sources of money coming into the business.

Watchdogs found that one patron -- a Chinese real estate billionaire barred by the Australian government for being an agent of Chinese influence -- had ploughed more than a billion dollars into Star over several years.

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Another high-rolling patron was allegedly involved in human trafficking.

The group was temporarily delisted from the Australian Securities Exchange last year after failing to post its annual financial results.

Source: AFP

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