JPMorgan exits Australia’s Star Entertainment

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

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

Australia’s No.2 casino operator has been in the eye of a perfect storm that has hit Australian casino operators for years, with Star and Blackstone-owned larger rival Crown Resorts engulfed by multiple regulatory inquiries as well as a drop in tourist visits and lengthy closures.

Star, which has seen its share price fall to multi-year lows, is facing challenging operating conditions, liquidity concerns and a fall in earnings.