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Australia's Star Entertainment pares losses after slipping to record low


Published on 2025-01-13 01:00:47 - Reuters
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  • Shares of Australian casino operator Star Entertainment jumped 13.6% higher on Monday, with analysts citing the rise to investors buying the stock at a cheaper price after it fell to a record low last week.

Star Entertainment Group, an Australian casino operator, experienced a significant recovery in its stock value after hitting a record low. On January 13, 2025, the company's shares surged by up to 20% following the announcement of a A$560 million ($367.5 million) equity raise aimed at bolstering its balance sheet. This move was part of a broader strategy to address regulatory challenges and operational issues, including a fine from the New South Wales casino regulator for breaches in anti-money laundering and counter-terrorism financing laws. The equity raise was supported by major shareholders like Chow Tai Fook Enterprises and Far East Consortium, who committed to participating. Despite these efforts, Star Entertainment still faces ongoing investigations and potential further fines, which could impact its future financial stability.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/australias-star-entertainment-pares-losses-after-slipping-record-low-2025-01-13/ ]
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