The Star Entertainment Group has provided an update on its expected fiscal year 2022 revenue.<\/p>\n\n\n\n\n\n\n\n
Australia.-\u00a0The Star Entertainment Group Limited\u00a0<\/strong>has provided an update on its expected fiscal year 2022 revenue. It expects to report revenue of $1.53bn for the year ending June 30.<\/p>\n\n\n\n It revealed\u00a0that slots revenue was up 28 per cent\u00a0in the June quarter. Non-gaming revenue was up 26 per cent. Domestic revenue up 11 per cent on pre-pandemic levels to AU$512m.\u00a0Table revenue has not fully recovered but was within 5 per cent of pre-pandemic levels.\u00a0<\/p>\n\n\n\n The company said its Gold Coast venue’s domestic revenue was up 48 per cent on pre-pandemic levels\u00a0thanks to the recovery in domestic tourism and the opening of The Dorsett Gold Coast Hotel and The Star Residences.<\/p>\n\n\n\n However, the casino operator indicated that full-year results will be negatively affected by the first-half net loss\u00a0associated with property closures, operating restrictions and border closures as well as expenses associated with regulatory reviews. The Star expects to release its full-year results\u00a0on August 22<\/strong>.<\/p>\n\n\n\n The Star has announced that its Queen\u2019s Wharf Brisbane integrated resort development is now expected to open in the second half of 2023<\/strong>\u00a0mainly due to higher than average rainfall and the impact of Covid-19.<\/p>\n\n\n\n The company said: “Total project costs are expected to be up circa 10 per cent on prior guidance of AU$2.6bn due to escalating construction material costs, labour shortages, supply chain challenges and the programme delay as well as the inclusion of capital equipment required to open.”<\/p>\n\n\n\n The Star said that, together with its joint venture partners, it had proposed funding the majority of the expected cost increase through additional equity contributions\u00a0consistent with the interests of the existing joint venture. The remainder is expected to come from future operating cash flow.<\/p>\n\n\n\n The Star owns 50 per cent of the development<\/strong>, with the other half divided equally between Chow Tai Fook and Far East Consortium.<\/p>\n\n\n\n In June,\u00a0Queensland\u2019s attorney general<\/a>\u00a0announced an independent expert review into the suitability of The Star to continue to hold casino licences in Queensland. Authorities have designated former judge\u00a0The Honourable Robert Gotterson AO<\/strong>\u00a0to lead the review, which will probe similar matters as those\u00a0covered in New South Wales<\/a>.<\/p>\n\n\n\nUpdate on Queen\u2019s Wharf Brisbane integrated resort development<\/h2>\n\n\n\n