(Reuters) – The firm owned by Australian billionaire Bruce Matheson increased its stake in casino operator Star Entertainment to 8.21% from 6%, stock filings showed on Wednesday.
Following the stake increase, Mathieson’s Investment Holdings Pty became the casino operator’s largest shareholder.
The development comes as Star Entertainment faces a second investigation into its Sydney casino operations after the company’s casino operating license was suspended in October 2022.
The company’s shares have lost about 83% since 2022.
Star Entertainment reported a smaller-than-expected fall in first-half profit in February amid intense competition and lower discretionary spending.