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)