The company said results for the period reflect “continued weakness in the operating performance of the group”.
Australia.- The Star Entertainment Group has shared its financial results for the second quarter of its financial year. It posted revenue of AU$299m (US$185.4m), down 15 per cent sequentially. Earnings before interest, taxes, depreciation and amortisation (EBITDA) were negative AU$8m (US$5m) compared to AU$18m (US$11.84m) in the previous quarter.
The company cited “continued weakness in the operating performance of the group due to the ongoing challenging consumer environment, the impact of mandatory carded play and cash limits in NSW, and costs associated with ongoing remediation activities”.
It also said the decline in revenue was mainly due to the closure of Treasury Brisbane Casino, continued softness at The Star Sydney following the implementation of mandatory carded play and cash limits, partially offset by revenue growth at The Star Gold Coast.
The Star Sydney revenue was AU$176m (US$109.1m), down 6 per cent sequentially and 23 per cent in year-on-year terms. EBITDA was negative AU$4m (US$2.5m) compared to negative AU$21m (US$13m) in the first quarter.
The Star Gold Coast revenue was AU$111m (US$68.8m), down 7 per cent year-on-year but up 3 per cent compared to the previous quarter. EBITDA was positive at AU$11m (US$6.8m) but down 48 per cent yearly.
The company said: “Hospitality revenue was 7 per cent ahead of Q1 and 2 per cent up on the prior year, partially offset by a continuing softness in the underlying gaming performance, with revenue slightly below Q1 and 13 per cent below the prior year.”
Treasury Brisbane posted a revenue of AU$2m (US$1.2m), with a negative EBITDA of AU$2m (US$1.2m). The venue closed on August 25. The Star Brisbane, which commenced operations on August 29, brought in AU$10m (US$6.2m), but EBITDA was negative AU$13m (US$8.1m).
The Star reported its available cash as of December 31, 2024, plunged to AU$79m (US$49.16m). That’s a decrease of AU$70m (US$43.56m) from the previous report at the end of September 2024 when the company posted available cash of AU$149m (US$92.72m).
A week ago, the company said the reduction in available cash reflects the continued difficult trading conditions the company has faced throughout 2024.
This includes essential capital expenditure and significant items including upfront fees relating to the establishment of a new facility agreement and the first AU$5m (US$3.11m) instalment of the AU$15m (US$9.33m) fine imposed by the New South Wales Independent Casino Commission (NICC) on October 17, 2024, following its consideration of the Bell Two Report.
The casino operator also cited “significant legal and consulting fees, ongoing transformation and remediation activities, and joint venture contributions” as a reason for the reduction in available cash.
The company said results for the period reflect “continued weakness in the operating performance of the group”. Australia.- The Star Entertainment Group has shared its financial results for the second quarter of…
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