Star Entertainment Group has reported revenue of AU$284m in the fiscal quarter ended September 30.
Australia.- The Star Entertainment Group has reported first-quarter revenue of AU$284m (US$184m), a 5 per cent increase compared to the previous quarter. Despite subdued trading levels in Sydney, the company reduced its EBITDA loss to AU$13m (US$ 8.5m), an improvement from AU$27m (US$17.6m) in Q4.
The Star attributed the sequential improvement to seasonally stronger volumes on the Gold Coast, steady performance in Sydney and a higher operator fee for The Star Brisbane, which opened in late August 2024. Operating conditions remain challenged by the impact of mandatory carded play and cash limits in New South Wales, as well as tighter regulatory frameworks in Queensland.
At the property level, The Star Gold Coast generated AU$105m (US$ 68.3m) in revenue, up 9 per cent quarter-on-quarter, and positive EBITDA of AU$6m (US$ 3.9m). The Star Sydney generated AU$161m (US$104.6m), broadly flat on Q4 and 14 per cent below the same period last year. The Star Brisbane reported an operator fee of AU$14m (US$9.1m) under its Casino Management Agreement.
The group closed the quarter with AU$168m (US$109.2m) in available cash, compared to AU$234m (US$152.1m) at the end of June. Star received the final AU$67m (US$ 43.6m) tranche from the AU$300m strategic investment by Bally’s Corporation and Investment Holdings Pty Ltd in October, completing the funding package initially announced earlier this year.
Regulatory oversight continues to weigh on operations. The New South Wales Independent Casino Commission (NICC) has extended the suspension of The Star Sydney’s casino licence until March 31, 2026, while Queensland authorities has prolonged the Special Manager appointments for The Star Gold Coast and The Star Brisbane until September 30, 2026.
The company remains focused on executing its capital management strategy and completing the previously announced joint-venture exit from the Destination Brisbane Consortium, subject to regulatory and lender approvals. It warned that its ability to continue as a going concern depends on the timing and outcome of several material uncertainties, including the pending AUSTRAC judgment and future refinancing requirements.
Star Entertainment Group has reported revenue of AU$284m in the fiscal quarter ended September 30. Australia.- The Star Entertainment Group has reported first-quarter revenue of AU$284m (US$184m), a 5 per…
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