- The Star Entertainment Group (SGR) shares drop this morning as it responds to media allegations, which include its Sydney casino, The Star Sydney
- Reports have emerged that Star Entertainment has allowed suspected money laundering, foreign interference, fraud and organised crime at its NSW and Queensland casinos
- However, the company has this morning rejected these claims and called them “misleading”
- On the market, Star Entertainment is down 19.4 per cent and trading at $3.45 per share at 1:38 pm AEST
The Star Entertainment Group (SGR) share price has dropped this morning after responding to media comments, which include its Sydney casino, The Star Sydney.
Reports emerged on Sunday that the group has mirrored its rival Crown Resorts by allowing suspected money laundering, organised crime, fraud and foreign interference.
The allegations are directed at its Sydney and Queensland casinos that apparently attract high-roller gamblers linked to organised crime.
Media reports claim the company ignored red flags for problem gambling or money laundering from key patrons and that regulators have identified connections to Huang Xiangmo, who was expelled from Australia in 2018 over foreign interference concerns.
Reports also claimed that Star Entertainment has not properly assessed wealthy Chinese high-rollers.
The Star Entertainment has rejected these claims and labelled the media reports as “misleading”.
“The Star is concerned by a number of assertions within the media reports that it considers misleading,” the company told the market this morning.
“There are constraints on publicly discussing specific individuals.
“We will take the appropriate steps to address all allegations with relevant state and federal regulators and authorities, including Adam Bell SC who is undertaking a regular review of The Star Sydney in accordance with the Casino Control Act 1992 (NSW).”
On the market, The Star Entertainment was down 19.4 per cent and trading at $3.45 per share at 1:38 pm AEST.