• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 31 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Class action launched against Star Entertainment Group

Ben Blaschke by Ben Blaschke
Wed 30 Mar 2022 at 06:25
Class action launched against Star Entertainment Group
35
SHARES
869
VIEWS
Print Friendly, PDF & Email

Leading Australian law firm Slater and Gordon has launched a shareholder class action against Star Entertainment Group, alleging the casino operator made misleading or deceptive representations about its compliance with regulatory obligations.

The class action is in response to revelations from a public hearing into Star currently taking place in New South Wales, home to the group’s flagship resort The Star Sydney.

The fallout of those public hearings, which have revealed failures around Star’s oversight of its junket partners and concerns around AML compliance, has already seen CEO Matt Bekier stand down with more heads expected to roll in the coming weeks.

Slater and Gordon said Tuesday that it has filed a class action with the Victorian Supreme Court in relation to investors who acquired shares between 29 March 2016 and 16 March 2022.

The 108-page claim alleges Star has continually held itself out as an ethical and responsible casino operator that complied with its legal and regulatory obligations, but that recent media reports to the contrary have seen Star’s share price decline by more than 25%, wiping more than AU$1 billion from the company’s value.

Those media reports, aired in October 2021, claimed that Star had cultivated high-roller players allegedly linked with criminal or foreign-influence operations and that the company failed to comply with its obligations under anti-money laundering and counter-terrorism financing laws.

The same reports ultimately led to the public hearings currently underway.

“For the last six years, Star has held itself out to be a model casino operator that took its obligations seriously and followed not only the letter of the law, but the spirit of the law,” said Slater and Gordon Class Actions Senior Associate Ben Zocco.

“Star insisted that it took compliance seriously and ran its business ethically, honestly and with integrity. Our investigations to date, in addition to the extraordinary evidence revealed so far in the Bell Inquiry, suggests that they did everything but.

“When investors purchase shares in a listed company, they are entitled to assume that all of the material information relevant to its financial position had been disclosed to the market.

“Our case is that Star failed to do so, and, therefore, investors are entitled to compensation for their losses.”

Star said in a Wednesday filing that it intends to defend the proceedings.

RelatedPosts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

Sat 31 May 2025 at 06:03
Ainsworth flags 1H25 revenue growth on Australian market strength but Novomatic takeover facing opposition by family of founder

Ainsworth chair says higher R&D investment necessary to boost global market competitiveness

Thu 29 May 2025 at 05:49
A moral defense of gambling

A moral defense of gambling

Wed 28 May 2025 at 18:19
Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Galaxy, Melco and Wynn to attend major media event “Thai Entertainment Complex Roundtable” alongside Thai voices opposing entertainment complex industry

Wed 28 May 2025 at 06:58
Load More
Tags: Australiacasinoclass actionMatt BekierSlater and GordonStar Entertainment GroupThe Star (Sydney)
Share14Share2
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
Mindslot
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

10 Years Ago – Reimagining Sri Lanka

Sri Lanka gazettes draft bill to establish Gambling Regulatory Authority

by Newsdesk
Sat 31 May 2025 at 06:03

A draft bill that would establish an official regulator for the Sri Lankan gaming industry, to be known as the Gambling Regulatory Authority, has taken another step forward after being gazetted. According to the Sri Lanka Mirror, the official announcement...

RGB International signs agreement to distribute KL Saberi and Atlas gaming machines

After record-breaking sales in 2024, Malaysia’s RGB sees 1Q25 profit fall to

by Newsdesk
Sat 31 May 2025 at 05:53

Malaysian gaming product distributor RGB International Bhd has reported group-wide revenue of MYR73.6 million (US$17.3 million) for the three months to 31 March 2025, down 65% year-on-year due to a lower number of products sold. The figure was also 79%...

Robert Goldstein to step aside as LVS Chairman and CEO from March 2026, replaced by Patrick Dumont

Robert Goldstein: Macau gaming market challenged by increased competition, online gambling and US-Sino trade war

by Ben Blaschke
Fri 30 May 2025 at 06:42

Las Vegas Sands (LVS) Chairman and CEO Robert Goldstein has bemoaned the lingering impact of the US-China trade war, as well as increased domestic and regional competition and the rise of online gambling across Asia for sustained flatness in the...

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

Industry hopes Thai Entertainment Complex Roundtable can establish “common ground” with those opposing legal casinos

by Ben Blaschke
Fri 30 May 2025 at 05:38

Industry figures taking part in the Thai Entertainment Complex Roundtable (TECR) next Thursday 5 June hope to find common ground with those who oppose Thailand’s Entertainment Complex Bill, citing the opportunity to use an evidence-based approach to achieve outcomes that...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English