Queensland gaming revenue up 9% in December
Gaming machine gross revenue was AU$322.8m (US$203.6m).
Australia.- DWS Hospitality Specialists has reported that gaming revenue in Queensland in December was up 9 per cent in year-on-year terms to AU$322.8m (US$203.6m). The figure was up 2.15 per cent sequentially. Clubs’ market share was 44.2 per cent and hotels’ share was 55.8 per cent.
Metered wins at clubs rose by 8.9 per cent in year-on-year terms, while hotels’ metered wins increased by 9.1 per cent. The majority of local government areas saw an increase in year-on-year terms. Gladstone had the highest at 20.2 per cent, followed by Bundaberg (13.3 per cent) and Ipswich (12.3 per cent). In terms of average daily revenue, Logan, Ipswich and Brisbane were the highest performers.
For 2024, the total gross revenue reached AU$3.6bn (US$2.25bn). That’s an increase of 9.9 per cent in year-on-year terms.
Woes at The Star: reduction in available cash amid legal disputes
A week ago, the Star Entertainment Group announced 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 said available cash was AU$149m (US$92.72m).
According to the company, 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 Star said it continues to work towards the fulfilment of conditions that must be met to draw down the additional AU$100m (US$62.23m) of a new loan agreement.
