‘Disappointed’ investors wipe $1b from The Star’s market value

the casino had cultivated high-roller gamblers allegedly associated with criminal or foreign-influence operations since 2014.

One fund manager, who declined to be named because they were exposed to losses, said it had been a “pretty tough week” after the revelations came the same week Sydney ended its two-month lockdown, which was expected to boost The Star casino’s profits. “You need to wait for the recommendations of the review to conclude, see what ILGA [Independent Liquor & Gaming Authority] says and if there has been malfeasance from the guys, they will step down,” he said. “But at this point, they’re steadfastly denying the majority of the allegations.

“I would imagine people who are shareholders based their view to a large extent on them being the clean guys, the good guys. That’s blown up in their face.” Swinburne Law School senior lecturer and corporate governance expert Helen Bird said, “denial is almost a reflex defence” that could actually worsen Star’s position if the allegations are proven to be substantiated.

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