Many of its remaining shareholders grabbed what they could before fleeing the wreck. Of the ASX 200 companies reporting today, investors were happy with Ansell (+8.1%) while JB HiFi (-4.6%), and Car Group (-6.5%) didn't impress, despite higher interim profits. Ansell was the best of the ASX 200 companies reporting today (+8.1%), while JB HiFi (-4.6%) and Car Group (-6.5%) reported higher interim profits, but both fell short of their investors' lofty expectations. The first day of the hearings heard allegations leadership failed to address money laundering risks and criminal associations at its casinos between 2017 and 2019. NICC Chief Commissioner Philip Crawford stated there were no adverse findings against Bally’s. He confirmed the approvals would allow Bally’s and Investment Holdings to progress with their financial and operational commitments, with implementation expected shortly. Soo Kim, chairman of Star’s new controlling investor Bally’s, said in April that the casino operator needed new executives, arguing it had been badly managed.
This will remain in effect through September 2025 at the earliest. It is true that Star Entertainment has been hurt by factors other than the financial allegations identified by Bell. But the collapse in revenue suggests the casino operator’s business model was inherently reliant on money-laundering. Strip that out, and what remains is a business that will likely not survive without a white knight. Since 2021, the share price for Star Entertainment Group has collapsed from $3.76 to 13 cents today, wiping billions in market value. Star's recent financial results were delayed by liquidity concerns and the company's shares were suspended from the ASX.