Star shares were down 44.4 per cent to an all-time low of 25c about 1pm AEST on Friday, meaning the embattled casino company's market capitalisation has fallen from $1.29 billion to $724 million.
More than 320 million shares had changed hands, compared to the three to 26 million shares that were traded per day in the two weeks before the suspension was imposed.
Star's shares haven't traded on the ASX since August 29 because the casino operator didn't filed its financial report for the 2023/24 by the end of August, when it was due.
The company finally did file that report on Thursday, revealing a statutory net loss of $1.7 billion, including a $1.44 billion writedown on the value of its three casinos.
Star also revealed its 2023/24 revenue was down 10 per cent to $1.67 billion, mostly due to a reduction in gaming revenue, in particular from its high rollers.
Revenue from personal gaming rooms was dropped 27 per cent, in part because Star has lost market share.
Reforms such as mandatory breaks have resulted in a poor customer experience, incoming chief executive Steve McCann told analysts on Thursday.
Additional reforms imposed on Star more recently have further cut revenue.
Since the introduction of mandatory carded play and $5,000 cash limits in Sydney on August 19, average daily revenue had fallen another 10.7 per cent, compared to the four weeks prior.
Those limits are set to tighten in October and again in August 2025.
17°C