The Star Entertainment Group Ltd (ASX: SGR) share price has been frozen as the company prepares to receive the findings of a review into its suitability to operate its Sydney casino.
The review, undertaken by Adam Bell SC, is rumoured to have found the company unfit to run the casino.
The company responded to such speculation today, saying itâs unaware of any findings thus far.
The stock was put into a trading halt this morning. Itâs expected to remain frozen until the report is released. It last traded at $2.66.
Letâs take a closer look at whatâs going on with the S&P/ASX 200 Index (ASX: XJO) casino operator this week.
Star share price frozen ahead of ILGA findings
The Star share price is on ice today as the company, and the market prepares to learn of the fate of its Sydney casino.
The final report on a review conducted by the NSW Independent Liquor and Gaming Authority (ILGA) is expected to be released tomorrow.
It follows an inquiry that reportedly heard that the casino operator misled regulators, involved itself in suspicious junket dealings, and concealed gambling spending.
The review found the company unfit to hold a casino licence in New South Wales, according to reporting by The Australian. Â
However, it’s expected to be offered a remediation program similar to that undergone by formerly ASX-listed Crown.
Responding to the publicationâs claims, the company said it âhas not received a copy of the report [and] is unaware of its contentsâ.
It also said the trading halt is ânecessary as otherwise trading in securities may take place in an uninformed marketâ.
It will make a further statement following the release.
The company is also facing an inquiry in Queensland regarding the operations of The Star Gold Coast and Treasury Casinos.
The post Star Entertainment share price halted amid licence probe appeared first on The Motley Fool Australia.
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