The Star posts revenue of US$690.11m for H1
Revenue for the first half of the financial year 2023 was up 75.6 per cent.
Australia.- The Star Entertainment Group has shared its financial results for the first half of the financial year 2023. Gross revenue reached AU$1.01bn (US$690.11m), up 75.6 per cent on year-on-year terms.
The company registered a net loss of AU$1.26bn (US$861m), up 1,603 per cent. EBITDA rose by 579 per cent year-on-year to AU$200m.
Queensland properties performed strongly, achieving record domestic revenues. However, the performance of The Star Sydney was negatively affected by stricter operating restrictions from mid-September onwards as a result of the Adam Bell SC’s inquiry and changes to the NSW Casino Control Act.
The Star Sydney revenue was AU$541m (US$368.56m) for the period, up 127 per cent year-on-year. Normalised EBITDA was AU$87.4m. The Star Gold Coast revenue was AU$276m (US$188.03m), up 53 per cent from the prior-year period, while normalised EBITDA was AU$66.2m. Treasury Brisbane revenue was up 22 per cent to AU$196m (US$133.53m), with EBITDA of AU$46.1m.
The company has announced several operational initiatives that aim to boost its trading performance by an estimated AU$40m on an annual basis. These include improving operating efficiency, enhancing customer experience and responding to increased competition in Sydney with loyalty benefits and pricing strategies.
These measures are projected to have a marginal impact on the last quarter of full-year 2023. The group is still prioritising remediation actions to facilitate its return to suitability.
