The Star Entertainment, one of the biggest hotel and casino operators in Australia, has reported a profit for the full 2020-2021 fiscal year, despite the continued negative effects of the novel coronavirus pandemic.
However, those effects are evident when looking at the company’s revenue. The Australian group has reported a revenue of 1.55 billion dollars in the 2020-2021 fiscal year, a drop of 10.9 percent compared to 2019-2020. However, operating expenditure was also cut by 10.5% to 740.0 million dollars. Taking that into account, earnings before interest, tax depreciation and amortisation (EBITDA) amounted to 426.7 million dollars, representing an increase of 51.3 percent year-on-year.
The biggest chunk of that revenue came from domestic gaming, which brought the company 1.36 billion Australian dollars. That figure represents an increase of 9.6 percent compared to the previous year. However, revenue from international VIP customers dropped by 96.7 percent due to travel restrictions.
Moreover, revenue from non-gaming activities decreased by 16.4 percent to 183.8 million dollars. After taking player rebates and commissions into account, the company’s net revenue was 1.54 billion dollars, up 3.9 percent year-on-year.