Isolated Chicago communities secure money for a coveted transit project before Trump takes office
Caitlin Clark effect hasn't reversed the decades-long decline in girls basketball participation
The water was their livelihood. Now Thailand's sea nomads work to preserve a vanishing way of life
China says US is 'playing with fire' after latest military aid for Taiwan
Winter is hitting Gaza and many Palestinians have little protection from the cold
China calls Taiwan a 'red line', criticises new US military aid to island
Trump says he might demand Panama hand over canal
China's Nio says new Firefly EV to go on sale in Europe in H1 2025
Howard throws 2 TD passes to Smith to help Ohio State rout Tennessee 42-17 in CFP
JuJu Watkins and No. 7 USC hold off Paige Bueckers and fourth-ranked UConn 72-70
(Reuters) - U.S. bank JPMorgan Chase & Co has become a substantial shareholder in Star Entertainment, 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 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)
