US bank JPMorgan Chase & Co has become an important shareholder in Star Entertainment, according to the exchange filing, as shares of the troubled casino operator in Australia have fallen sharply in the past few years due to liquidity issues.

According to the filing made on Thursday, the bank became a stakeholder with a 5.47 per cent voting power.

Star’s shares have moved in a downward path since 2022 following several probes on allegations of anti-money laundering breaches and have dived nearly 50 per cent this year. The stock fell 52 per cent and 66 per cent in 2022 and 2023, respectively.

In the delayed annual results issued last week, Star stated it would consider divestments as part of the continuing restructuring plans and to address some outflows linked to regulatory problems.

The company’s corporate lenders had also agreed to provide a new facility of up to A$200 million ($137.00 million) with an initial injection of A$100 million.

Perpetual, an Australian asset manager, boosted its stake in the financially beleaguered company earlier this year.

Earlier, Star had confirmed that Hard Rock Hotels & Casinos was considering a bid, but the Florida-based chain rebutted any interest in taking over the venture.

The fate of the casino operator Star hangs in the balance after an inquiry pointed out various leadership and cultural issues that have made it unsuitable to operate its casino in Sydney.

Last week, Star responded to the show-cause notice from the New South Wales regulator regarding its ability to hold a casino licence.