JPMorgan Chase Exits Star Entertainment Stake

(Reuters) – JPMorgan Chase (NYSE:JPM) has ceased to be a shareholder in embattled Australian casino operator Star Entertainment, as reported in an exchange filing by the gaming group on Monday.

The investment banker's stake in Star Entertainment had accounted for 5.09% of the company's voting power, according to the gambling group's exchange filing released on Friday.

Australia's No. 2 casino operator has been beset by challenges that have plagued Australian casino operators for years. Both Star and its larger rival Crown Resorts, owned by Blackstone, are under scrutiny due to multiple regulatory inquiries. Additionally, the group is grappling with a decline in tourist visits and extended closures.

Star has experienced a significant drop in its share price, reaching multi-year lows, and is facing tough operating conditions, liquidity issues, and reduced earnings.