JPMorgan exits stake in embattled Australian casino operator Star Entertainment

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.