JPMorgan buys portion of Australia’s Star Entertainment. Source: Shutterstock
American bank JPMorgan Chase & Co. has grown to be a significant shareholder in Star Entertainment (SGR.AX), as the troubled Australian casino operator’s shares have dropped precipitously over the past few years due to liquidity problems.
According to Reuters, JPMorgan has acquired a 5.47% voting power as a stakeholder.
Following several investigations into potential anti-money laundering crimes, Star’s shares have been in a downward trend since 2022 and have lost around 50% of their value this year. In 2022 and 2023, the shares fell 52% and 66%, respectively.
The company’s shares were trading nearly 2% down at A$0.255 as of 0055 GMT.
In its delayed annual results, Star warned that it may dispose assets for ongoing reform efforts and address regulatory outflows.
The gaming company’s corporate lenders had also agreed to create a new loan worth up to A$200m ($137.00m), with an initial A$100m injection.
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Moreover, earlier this year, Australian asset management Perpetual raised its investment in the cash-strapped firm.
Prior to that, Star reported that Hard Rock Hotels & Casinos was mulling an offer, but the Florida-based group denied any participation in the takeover.
Star’s future has become uncertain after an investigation revealed that the casino operator has been dealing with leadership and cultural difficulties and was still unfit to run its Sydney casino.
Furthermore, earlier this month, in response to an increasing number of wealthy individuals relocating to the Gulf, JPMorgan established a private banking team in Dubai to offer wealth management services.
JPMorgan selected Sebastian Botana de Beauvau and Carol Mushriqui, who join from its Geneva and London offices, respectively, to lead the team.
The team will serve individuals, family offices, charities, and family foundations throughout the area.
Due to the UAE’s tax-free status, convenient time zones, ease of conducting business, and generally neutral political position, a wider range of investors have chosen to invest, prompting a growth in the number of Western wealth managers operating there.
