What is up with Star Entertainment’s (ASX:SGR) shares?

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Highlights: 

  • Star Entertainment’s subsidiaries have received a claim statement from AUSTRAC stating civil penalty proceedings. 
  • Followed by this update, Star Entertainment was spotted trading in the red zone on ASX today.

Casino operator The Star Entertainment Group Limited (ASX:SGR) has shared in the latest update that its subsidiaries, The Star Pty Ltd and The Star Entertainment Qld Ltd, have received a claim statement from AUSTRAC today that states civil penalty proceedings regarding allegation contraventions of obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Followed by this update, Star Entertainment’s shares were trading in the red territory on Wednesday afternoon. The company’s shares fell by 0.740% on ASX to AU$2.680 per share at 12:54 PM AEDT today (30 November 2022).

Details of the claim statement received by Star’s subsidiaries

In its latest update, Star Entertainment informed that the claim statement did not contain any details of the quantum of the penalty to be sought by AUSTRAC.

The proceedings related to the allegations against Star’s subsidiaries were followed by an investigation by the Enforcement Team of AUSTRAC, as announced earlier on 7 June 2021.

In response to AUSTRAC’s allegation, Star Entertainment said that it takes the anti-money laundering obligations seriously and has been cooperative with AUSTRAC throughout the investigation process related to requests for information and documents.

 

Robbie Cooke, the Managing Director, and Chief Executive Officer (CEO) Star Entertainment, said: 

At present, Star Entertainment is reviewing AUSTRAC’s statement of claim.

Share price movement of Star Entertainment on ASX: 

Meanwhile, in the last 12 months, Star Entertainment’s share price has fallen over 24% on ASX and on a YTD basis, the company’s share price dropped over 29% on ASX. Over the last one months, Star’s share price fell by almost 9% on ASX (as of 12:54 PM AEDT today). 



 


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