Star Entertainment posts gross revenue of AU$1.53m for FY22

Star Entertainment Group has reported that gross gaming revenue was down 2 per cent when compared to the previous year.

Australia.- The Star Entertainment Group has shared financial results for its fiscal year. It’s reported statutory EBITDA of AU$239m and a statutory net loss of AU$199m. Gross revenue was down 2 per cent year-on-year to AU$1.53m.

Regulatory reviews as well as Covid-19-related property closures, operating restrictions, and border closures materially impacted earnings, the casino operator said. Star Sydney posted gross revenue of AU$781m for the fiscal year 2022. Earnings were significantly impacted by the closure of the property for 102 days, operating restrictions and other Covid-19-related impacts.

The Gold Coast venue reported gross revenue of AU$424m for the fiscal year, and Star Brisbane reported gross revenue of AU$326m.

Star Entertainment Groups’ interim chairman Ben Heap said: “Covid-19 related disruptions and regulatory reviews have presented significant challenges. I would like to acknowledge the commitment of our 8,000 team members and express my appreciation for their tireless efforts. 

“The underlying strength of the business has enabled a strong rebound post-Covid-related property shutdowns and operating restrictions. The quality of the business also provided an opportunity to attract high-quality senior executives to drive future change and growth.”

The company has appoointed Allen & Overy Consulting to monitor the design and implementation of its renewal programme.

Heap said: “The Renewal Program is integral to our commitment to earn the confidence and trust of our stakeholders. We are taking action across the business, improving our systems and controls, as we build a safer and stronger business.”

Heap added that Queen’s Wharf Brisbane is expected to open in H2 next year. Project costs are expected to rise 10 per cent on prior guidance of AU$2.6bn.  The Queen’s Wharf Brisbane development is a Destination Brisbane Consortium project, a joint venture led by The Star Entertainment Group and its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.

It will include four luxury hotels, 50 new bars and restaurants, a retail area, up to 2,000 residential apartments and the equivalent of 12 football fields of public space.