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.