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Investors have dramatically reduced the market value of Star Entertainment Group by over $500 million during a turbulent trading session, following the company’s return to the stock exchange after a nearly month-long suspension. Under the leadership of new CEO Steve McCann, the casino operator faced alarming financial and regulatory challenges, leading to a 44 percent drop in shares, which closed at 25 cents on Friday. This marked the first trading day for Star shares on the ASX since late August, when the company requested a trading halt.
The suspension was triggered in early September due to Star's failure to release its full-year results within the mandated timeframe. The company finally disclosed a staggering full-year loss of $1.7 billion this Thursday. As a result of Friday’s sharp decline in share price, Star's market capitalization plummeted from approximately $1.3 billion to under $750 million, signaling serious concerns among investors about the company’s future prospects.
Investors have dramatically reduced the market value of Star Entertainment Group by over $500 million during a turbulent trading session, following the company’s return to the stock exchange after a nearly month-long suspension. Under the leadership of new CEO Steve McCann, the casino operator faced alarming financial and regulatory challenges, leading to a 44 percent drop in shares, which closed at 25 cents on Friday. This marked the first trading day for Star shares on the ASX since late August, when the company requested a trading halt.
The suspension was triggered in early September due to Star's failure to release its full-year results within the mandated timeframe. The company finally disclosed a staggering full-year loss of $1.7 billion this Thursday. As a result of Friday’s sharp decline in share price, Star's market capitalization plummeted from approximately $1.3 billion to under $750 million, signaling serious concerns among investors about the company’s future prospects.