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Billionaire Mathieson ups stake in Australian casino operator Star Entertainment

Published 03/20/2024, 12:48 AM
Updated 03/20/2024, 12:50 AM
© Reuters. Sydney's Star Casino complex is seen illuminated at night, February 15, 2016.REUTERS/Jason Reed/File photo

(Reuters) - A firm owned by Australian billionaire Bruce Mathieson has increased its stake in casino operator Star Entertainment to 8.21% from 6%, an exchange filing showed on Wednesday.

Following the stake increase, Mathieson's Investment Holdings Pty is the largest shareholder in the casino operator.

The development comes at a time when Star Entertainment is facing a second inquiry into its Sydney casino operations after the company's license to operate the casino was suspended in October 2022.

© Reuters. Sydney's Star Casino complex is seen illuminated at night, February 15, 2016.REUTERS/Jason Reed/File photo

The company's shares have lost about 83% since 2022.

Star Entertainment reported a smaller-than-expected drop in first-half profit in February amid intense competition and lower discretionary spending.

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