Billionaire Mathieson ups stake in Australian casino operator Star Entertainment

Adds details on shareholder, background and shares in paragraphs 2-5

March 20 (Reuters) - A firm owned by Australian billionaire Bruce Mathieson has increased its stake in casino operator Star Entertainment SGR.AX 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.

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.

(Reporting by John Biju in Bengaluru; Editing by Mrigank Dhaniwala and Shounak Dasgupta)

((John.Biju@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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