(Reuters) – JPMorgan Chase (NYSE:) will cease being 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 reflects 5.09% of the company's voting power, according to the gambling group's stock exchange filing on Friday.
Australia's No. 2 casino operator has been in the eye of a perfect storm that has battered Australian casino operators for years, with larger competitor Crown Resorts owned by Star and Blackstone hit by multiple regulatory inquiries as well as declining tourist visits and prolonged closures.
Star, which has seen its stock price fall to multi-year lows, faces difficult operating conditions, liquidity concerns and declining profits.
