Star Entertainment Group, one of the biggest hotel and casino operators in Australia, has announced that it recorded losses of over 65 million Australian dollars in the first half of the 2021-2022 fiscal year.
The Australian operator was affected by casino closures and other restrictions imposed by the authorities in order to stop the spread of the novel coronavirus. For the six months to December 31 2021, Star Entertainment recorded a drop of 22.1 percent in revenue to 577.1 million Australian dollars. In the corresponding period of the previous financial year, the company generated revenue of 741.4 million Australian dollars.
The company’s Sydney venue was closed for a significant period, from 26 June to 11 October, while its venues in Queensland were also closed for a short period during the last six months of 2021. Moreover, the operator’s international VIP business was also affected by international border closures and travel restrictions.
Star Entertainment recorded revenue before commissions at its Sydney casino of just 240.3 million Australian dollars, 39.5 percent less than during the similar period of the previous fiscal year. In Brisbane, the revenue drop was just 11.1 percent, to 160.6 million Australian dollars.
The company’s Gold Coast venue was the only one to report a revenue increase, it generated 180.4 million dollars in the last six months of 2021, which represents an increase of 5.1 percent compared to the last half of 2020.