Star Entertainment still profitable despite Covid-19 impact
The Australian casino operator reported a net profit of AUS$40.4m (US$31.6m) for the first half of the 2020/2021 financial year.
Australia.- Star Entertainment Group has reported a net profit of AUS$40.4m (US$31.6m) for the first half of its financial year. That’s a drop of 29.6 per cent year-on-year.
Statutory revenue for the six months ending December 31 amounted to $741.4m, down from $1.05bn in the corresponding period in the previous year.
The operator’s Star Sydney casino closed on March 23 last year and reopened on June 1 with a maximum capacity of 500 members only. There, gross normalised revenue was down 51 per cent year-on-year to $390m.
Star Sydney has recently increased its capacity to 10,000 customers.
At Star Gold Coast, gross revenue dropped 48 per cent year-on-year to $172m, while gross revenue at Treasury Brisbane fell just 3 per cent to $180m.
Star managing director and chief executive Matt Baker said: “Comprehensive actions to mitigate the impact of Covid-19 were implemented, safeguarding staff and customers, securing debt covenant waivers and amendments, and preserving cash.”
“The Star’s business is fundamentally strong. The long-term value uplift from investments in our network of integrated resorts and continuing operational improvements to drive visitation and earnings remains significant.”
