JPMorgan Chase has exited its position as a shareholder in Australia’s Star Entertainment, according to an exchange filing from the casino operator on Monday.
The investment bank previously held a 5.09% stake in Star, representing a significant portion of the company’s voting power, as disclosed in a filing last Friday.
Star Entertainment, Australia’s second-largest casino operator, has been navigating turbulent waters for years. Both Star and its larger competitor, Crown Resorts—owned by Blackstone—have faced extensive regulatory scrutiny, declining tourist numbers, and prolonged closures.
Star’s current challenges include a sharp decline in its share price to multi-year lows, operational difficulties, liquidity constraints, and reduced earnings, further complicating its position in a competitive and tightly regulated market.