JPMorgan acquires stake in Australia's cash-strapped Star Entertainment
Oct 4 (Reuters) -U.S. bank JPMorgan Chase & Co JPM.N has become a substantial shareholder in Star Entertainment SGR.AX, an exchange filing showed, as shares of the embattled Australian casino operator have fallen sharply in last few years amid liquidity issues.
JPMorgan became a shareholder with a 5.47% voting power, the filing showed on Thursday.
Star's shares have experienced a downtrend since 2022 after facing multiple inquiries over anti-money laundering violations, and have lost nearly 50% this year. The stock slumped 52% and 66% in 2022 and 2023, respectively.
Shares of the company were trading nearly 2% lower at A$0.255, as at 0055 GMT.
In its delayed annual results posted last week, Star stated that it might offload assets for ongoing restructuring activities and address outflows related to regulatory matters.
The gaming firm's corporate lenders had also agreed to provide a new facility of up to A$200 million ($137.00 million) with an immediate A$100 million injection.
Earlier this year, Australian asset manager Perpetual PPT.AX increased its stake in the cash-strapped company.
Prior to which, Star claimed that Hard Rock Hotels & Casinos was considering a bid, but the Florida-based chain denied any involvement in a takeover bid.
Star's future currently hangs in the balance after an inquiry found the casino operator had been going through issues around its leadership and culture, and that it remains unfit to operate its Sydney casino.
Last week, Star responded to the New South Wales regulator's show-cause notice, addressing its suitability to hold a casino licence.
($1 = 1.4599 Australian dollars)
Reporting by Roshan Thomas in Bengaluru; Editing by Sherry Jacob-Phillips
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
