JP Morgan Takes Stake In Australian Casino Operator Star Entertainment: Details

JP Morgan Chase & Co. JPM shares are trading higher on Friday. On October 1, 2024, the company became a substantial shareholder in The Star Entertainment Group Limited, acquiring 156.99 million ordinary shares, representing 5.47% voting power.

Star Entertainment is an Australian casino operator. The company has been in troubled waters due to liquidity issues, and shares dipped by 66% in 2023, reported Reuters.

Star Entertainment owns and operates The Star Sydney, The Star Gold Coast and Treasury Brisbane. It also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government.

This week, JP Morgan expanded its Canadian business by launching two active ETFs on the Toronto Stock Exchange. The new ETFs target income-focused Canadian investors, offering capital appreciation and steady income.

Along with this, JP Morgan planned to expand its asset management business in Canada, expecting to add up to 20 jobs over the next 18 months.

Investors can gain access to the stock via iShares U.S. Financial Services ETF IYG and SPDR Select Sector Fund – Financial XLF.

Price Action: JPM shares are up 1.73% at $208.78 at the last check Friday.

Photo by Katherine Welles on Shutterstock

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