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Star Entertainment Records Revenue Decrease In First Half of Fiscal Year

Posted on February 21, 2023 | 7:28 am

Star Entertainment Group, one of the biggest casino operators in Australia, has revealed its results for the first half of the 2023 financial year and the numbers show a worrying revenue decrease.

Overall, the Star Entertainment Group reported a decline of 1 percent in group revenue but not compared to last year, the comparison was made with pre-Covid levels. The operator noted its earnings have been affected by operational changes following the inquiries into its activities, but also due to increased competition in Sydney after the opening of Crown Sydney.

However, the company pointed out that its two casinos in Queensland have performed well during the first half of the fiscal year. The Star Gold Coast for instance has managed to increase its revenue by 30 percent compared to pre-Covid levels and overall achieved its highest ever revenue.

Treasury Brisbane also did well during these six months, recording a revenue growth of 9 percent compared to pre-Covid levels and setting new records when it comes to revenue from slots, main gaming floor tables and hospitality.

The Star Sydney recorded a revenue decline of 13.5 percent compared to pre-Covid levels, which led to a negative group result overall. The company also reported that it expects earnings before interest, tax, depreciation and amortization of between 195 and 205 million Australian dollars for the first half of the fiscal year.

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Adverse Impact On Profitability

Star Entertainment also pointed out that due to several factors it anticipates a non-cash impairment charge in New South Wales, amounting to at least 400 million Australian dollars and at most 1.6 billion dollars.

Moreover, the casino operator added that it had held discussions with the New South Wales government regarding the proposed casino duty rates, pointing out that the current proposal would have “a significant adverse impact on the profitability of The Star Sydney.”

Robbie Cooke, the Chief Executive Officer and Managing Director of Star Entertainment Group, declared himself pleased with the performance of the company’s Queensland properties, but added that the situation in New South Wales determined the operator to take “a prudent approach.”

Star Entertainment was founded in 2011 and it owns and operates the Treasury Casino & Hotel The Star Gold Coast and The Star Sydney. The company also manages the Gold Coast Convention & Exhibition Center on behalf of the Queensland Government.

SOURCE“The Star Entertainment Group revenue down 1% for 1H FY23“Gambling Insider. February 13, 2023.

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