The Star cuts quarterly EBITDA losses
The Australian casino operator reported stable quarterly revenue and improved liquidity.
Australia.- The Star Entertainment Group has reported fourth revenue of AU$265m (US$172.3m) for the quarter ended June 30, 2026. That’s broadly in line with the previous quarter and down 2 per cent year-on-year, while the casino operator’s EBITDA loss before significant items narrowed by 70 per cent to AU$8m (US$5.2m).
Fourth quarter EBITDA compared with a loss of AU$27m (US$17.6m) in the corresponding period last year as cost-cutting initiatives, stronger performance at The Star Gold Coast, stabilised trading at The Star Sydney and a lower operator fee structure at The Star Brisbane following its exit from the Destination Brisbane Consortium (DBC) joint venture in April.
The Star Sydney generated revenue of AU$150m (US$97.5m), up 2 per cent sequentially but down 7 per cent from a year earlier, with table games and non-gaming revenue remaining under pressure. The operator noted that average daily revenue at the property has declined by 20 per cent since mandatory carded play and AU$5,000 daily cash limits were fully implemented in October 2024.
Meanwhile, The Star Gold Coast generated revenue of AU$107m (US$69.6m), up 12 per cent year-on-year. Property EBITDA rose 51 per cent to AU$22m (US$14.3m), supported by growth in both table games and electronic gaming machines.
The Star Brisbane contributed operator fee revenue of AU$5m (US$3.3m) during the quarter, down from AU$15m (US$9.8m) in the previous quarter.
The Star ended the quarter with available cash of AU$267m (US$173.6m), up from AU$120m (US$78m) at the end of March. That follows the completion of a US$390m refinancing agreement with WhiteHawk Capital Partners in May. Total cash and cash deposits stood at AU$368m (US$239.2m), including restricted deposits.
The operator highlighted progress on strategic initiatives, including the completion of the first stage of its transaction with Chow Tai Fook Enterprises and Far East Consortium, which released the company from its share of DBC’s AU$1.4bn (US$910m) debt facilities. However, The Star cautioned that its ability to continue as a going concern remains subject to a number of material uncertainties, some of which remain outside its control.
The company continues to work with regulators across New South Wales and Queensland. The Star Sydney’s casino licence remains suspended through September 30, 2026, while the deferral of The Star Gold Coast’s licence suspension and oversight arrangements for both Gold Coast and Brisbane have also been extended until the same date.
The Star said its new leadership team will continue implementing cost reduction measures across the business, including further streamlining of corporate and property-level operations.
