{"id":21751,"date":"2021-08-19T13:17:56","date_gmt":"2021-08-19T16:17:56","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=21751"},"modified":"2026-04-23T16:30:14","modified_gmt":"2026-04-23T19:30:14","slug":"star-entertainment-posts-revenue-of-au1-56bn-for-fy21","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/star-entertainment-posts-revenue-of-au1-56bn-for-fy21","title":{"rendered":"Star Entertainment posts revenue of AU$1.56bn for FY21"},"content":{"rendered":"\n

Star Entertainment Group has reported normalised group revenue of AU$1.56bn while its net debt was reduced by AU$211m for the fiscal year ending June 30.<\/p>\n\n\n\n\n\n\n\n

Australia.-\u00a0Star Entertainment Group<\/strong>\u00a0has shared financial results for its fiscal year, reporting\u00a0revenue of AU$1.56bn<\/strong>\u00a0with a statutory EBITDA of AU$427m, up 51 per cent.<\/p>\n\n\n\n

According to the company, its\u00a0Queensland venue<\/a>\u00a0saw record earnings from domestic gaming revenue amid Covid-19 restrictions that materially impacted revenues and earnings.<\/p>\n\n\n\n

Star Sydney<\/a>, which closed on June 25 and remains shut, saw a\u00a0decline in gross revenue of 30 per cent to AU$832m<\/strong>, with a 96 per cent decline in VIP and a 10 per cent decline in domestic revenues.<\/p>\n\n\n\n

The Gold Coast property\u00a0<\/strong>saw gross revenue fall 28 per cent year-on-year, including a 100 per cent fall in VIP revenue while domestic revenues were up 26 per cent. Domestic gaming revenue at Star Gold Coast was also up 18 per cent in the second half.<\/p>\n\n\n\n

Star Brisbane recorded a 38 per cent growth in domestic revenue<\/strong>. The figure was up 3 per cent year-on-year despite shutdowns in January, March and June. Group slots revenue for the second half <\/strong>was up 4 per cent.<\/p>\n\n\n\n

According to its financial report, the casino operator will be focusing on international premium mass<\/strong> and direct premium customers once borders reopen. <\/p>\n\n\n\n

Star loses case against Chubb Insurance over pandemic losses<\/h2>\n\n\n\n

The company recently lost its\u00a0legal claim<\/a>\u00a0against\u00a0Chubb Insurance\u00a0<\/strong>at Federal Court. It had been demanding the insurer cover losses incurred due to lockdown measures during the Covid-19 pandemic.<\/p>\n\n\n\n

Last November,\u00a0the casino operator sued the insurance company<\/a>,\u00a0arguing that\u00a0Covid-19 lockdown measures fall under \u201cspecial risks\u201d<\/strong>\u00a0under \u201crisks of business interruption\u201d in an insurance policy signed in November 2019.<\/p>\n\n\n\n

Star Entertainment<\/strong>\u00a0was seeking AU$4bn for its Sydney casino, AU$1.75bn for its Gold Coast casino and AU$1.43bn for its Brisbane casino. Chubb said the lockdowns were not covered under the policy, arguing that the government\u2019s actions had not caused any physical loss or damage of insured property.<\/p>\n","protected":false},"excerpt":{"rendered":"

Star Entertainment Group has reported normalised group revenue of AU$1.56bn while its net debt was reduced by AU$211m for the fiscal year ending June 30.<\/p>\n","protected":false},"author":176,"featured_media":17622,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Star Entertainment Group reported AU$1.56bn in normalised group revenue and reduced net debt by AU$211m for FY23, with statutory EBITDA up 51%. While Queensland venues saw record domestic gaming earnings, Star Sydney and Gold Coast experienced significant declines, particularly in VIP revenue, due to COVID-19 restrictions. The company also lost its AU$7.18bn legal claim against Chubb Insurance for pandemic-related business interruption losses.","focusai_entities":"Star Entertainment Group, Chubb Insurance, Federal Court","focusai_location":"Australia, Sydney, Gold Coast, Brisbane, Queensland","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.9), operator_casino (0.95), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Premium Mass Strategy","query":"What specific capital expenditure or operational adjustments are planned to support the strategic pivot towards international premium mass and direct premium customers, and what is the projected timeline for these initiatives?"},{"label":"Post-Pandemic Recovery","query":"Given the significant decline in VIP revenue and the ongoing impact of COVID-19 restrictions, what is Star Entertainment Group's revised outlook for achieving pre-pandemic GGR levels across its properties, particularly in the high-margin VIP segment?"}],"footnotes":""},"categories":[16336,163],"tags":[23871],"class_list":["post-21751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21751","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=21751"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21751\/revisions"}],"predecessor-version":[{"id":21762,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/21751\/revisions\/21762"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/17622"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=21751"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=21751"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=21751"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}