Aussie Casino Giant The Star's Shares Fall on Illegalities Claim
The Star Entertainment's shares fell on the back of a money laundering claim.
The Star's shares have slumped by 22.9% on Monday. The sharp downward spike follows allegations that The Star enabled money laundering, organized crime, and large-scale fraud at its casinos for years.
The Star is accused of money laundering and illegal activities. The company is already the subject of an Australian regulatory body's investigation into money-laundering. KPMG warned The Star management in 2018 that its anti-money-washing controls were inadequate. The Sydney Morning Herald listed a Sydney cocaine kingpin, Australia’s most infamous foreign-interference agent, and some of the country's biggest alleged tax cheats and corporate fraudsters among the high-rollers fêted by TheStar.
The Star's shares fell on illegalities claim. The Star is a Sydney-based gambling group. Its rival Crown Resorts is also in the spotlight for improper practices. Crown's liquor licenses were extended for its Crown Sydney property. In February, the IGLA deemed Crown unfit to run its casino in Sydney after an official inquiry linked it to money laundering.
The Star's shares fell on illegalities claim. The regulatory report into the beleaguered group’s suitability to operate its Melbourne casino is due October 15.