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JPMorgan exits Australia's Star Entertainment
The investment banker's stake in Star Entertainment had reflected 5.09% of the company's voting power, according to the gambling group's exchange filing on Dec 20.
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A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo / Reuters
JPMorgan Chase has ceased to be a shareholder in embattled Australian casino operator Star Entertainment, an exchange filing by the gaming group showed on Dec. 23.
The investment banker's stake in Star Entertainment had reflected 5.09% of the company's voting power, according to the gambling group's exchange filing on Dec 20.
Australia's No.2 casino operator has been in the eye of a perfect storm that has hit Australian casino operators for years, with Star and Blackstone-owned larger rival Crown Resorts engulfed by multiple regulatory inquiries as well as a drop in tourist visits and lengthy closures.
Star, which has seen its share price fall to multi-year lows, is facing challenging operating conditions, liquidity concerns, and a fall in earnings.
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