Australia: Star Entertainment: Shares fall on money laundering claim

Shares in Australian gambling giant Star Entertainment have slumped after allegations that it enabled illegal activity at its casinos for years.

A joint report by three news outlets implicated the firm in suspected money laundering, organised crime, and fraud.

The company’s main rival Crown Resorts was hit by similar claims in 2019.

Star said it is “concerned by a number of assertions within the media reports that it considers misleading.”

In the statement released by Star to the Australian Securities Exchange it also said: “We will take the appropriate steps to address all allegations with relevant state and federal regulators and authorities.”

The report by the Sydney Morning Herald and the Age, and television programme 60 Minutes, said Star’s management had been warned that its anti-money-laundering controls were inadequate.

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