The Star Entertainment Group Ltd

SGR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$9.55	Ldm	Mrnn

Star Entertainment: Elevated Risk of Shutting the Doors in Sydney

Angus Hewitt

Feb 20, 2024

The second inquiry into Star’s suitability to hold a casino license for The Star Sydney was a surprise. Special manager Nicholas Weeks’ tenure ends on June 30, 2024, but the NSW Independent Casino Commission, or NICC, isn’t confident about handing the license back by then. The regulator said that “Star has not yet satisfied the NICC that it is suitable, or is capable of becoming suitable, to hold a casino license.” The new inquiry, chaired again by Adam Bell, is set to conclude on May 31, 2024, this time behind closed doors—likely a relief for Star, given the reputation damage from the first inquiry.

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