JPMorgan exits Australia’s Star Entertainment

JPMORGAN Chase has ceased to be a shareholder in embattled Australian casino operator Star Entertainment, an exchange filing by the gaming group showed on Monday (Dec 23).

The investment banker’s stake in Star Entertainment had reflected 5.09 per cent of the company’s voting power, according to the gambling group’s exchange filing on Friday.

Australia’s No 2 casino operator has been in the eye of a perfect storm that has hit Australian casino operators for years, with Star and Blackstone-owned larger rival Crown Resorts engulfed by multiple regulatory inquiries as well as a drop in tourist visits and lengthy closures.

Star, which has seen its share price fall to multi-year lows, is facing challenging operating conditions, liquidity concerns and a fall in earnings. REUTERS