{"id":32827,"date":"2022-08-22T04:14:29","date_gmt":"2022-08-22T07:14:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=32827"},"modified":"2026-04-23T05:40:39","modified_gmt":"2026-04-23T08:40:39","slug":"star-entertainment-posts-gross-revenue-of-au1-53m-for-fy22","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/star-entertainment-posts-gross-revenue-of-au1-53m-for-fy22","title":{"rendered":"Star Entertainment posts gross revenue of AU$1.53m for FY22"},"content":{"rendered":"\n<p>Star Entertainment Group has reported that gross gaming revenue was down 2 per cent when compared to the previous year.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Australia.-\u00a0<strong>The Star Entertainment Group<\/strong>\u00a0has shared financial results for its fiscal year. It&#8217;s reported statutory EBITDA of AU$239m and a statutory net loss of AU$199m. Gross revenue was down 2 per cent year-on-year to AU$1.53m.<\/p>\n\n\n\n<p>Regulatory reviews as well as<strong> Covid-19-related property closures,<\/strong> operating restrictions, and border closures materially impacted earnings, the casino operator said. <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-sydney-appoints-scott-wharton-as-ceo\" target=\"_blank\">Star Sydney<\/a>\u00a0posted gross revenue of AU$781m for the fiscal year 2022. Earnings were significantly impacted by the closure of the property for 102 days, operating restrictions and other Covid-19-related impacts.<\/p>\n\n\n\n<p>The\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-posts-update-on-gold-coast-resort-development\" target=\"_blank\">Gold Coast venue<\/a> reported gross revenue of AU$424m for the fiscal year, and <strong>Star Brisbane\u00a0<\/strong>reported gross revenue of AU$326m.<\/p>\n\n\n\n<p>Star Entertainment Groups\u2019 interim chairman&nbsp;<strong>Ben Heap<\/strong>&nbsp;said: &#8220;Covid-19 related disruptions and regulatory reviews have presented significant challenges. I would like to acknowledge the commitment of our 8,000 team members and express my appreciation for their tireless efforts.&nbsp;<\/p>\n\n\n\n<p>\u201cThe underlying strength of the business has enabled a strong rebound post-Covid-related property shutdowns and operating restrictions. The quality of the business also provided an opportunity to attract high-quality senior executives to drive future change and growth.&#8221;<\/p>\n\n\n\n<p>The company has appoointed\u00a0<strong>Allen &amp; Overy Consulting<\/strong>\u00a0to monitor the design and implementation of its <a rel=\"noreferrer noopener\" href=\"https:\/\/focusgn.com\/asia-pacific\/the-star-to-bring-in-independent-monitor-to-oversee-renewal-programme\" target=\"_blank\">renewal programme<\/a>.<\/p>\n\n\n\n<p>Heap said: &#8220;The Renewal Program is integral to our commitment to earn the confidence and trust of our stakeholders. We are taking action across the business, improving our systems and controls, as we build a safer and stronger business.&#8221;<\/p>\n\n\n\n<p>Heap added that <strong>Queen\u2019s Wharf Brisbane<\/strong> is expected to open in H2 next year. Project costs are expected to rise 10 per cent on prior guidance of AU$2.6bn.\u00a0 The Queen\u2019s Wharf Brisbane development is a Destination Brisbane Consortium project, a joint venture led by The Star Entertainment Group and its Hong Kong-based partners, Chow Tai Fook Enterprises and Far East Consortium.<\/p>\n\n\n\n<p>It will include four luxury hotels, 50 new bars and restaurants, a retail area, up to 2,000 residential apartments and the equivalent of 12 football fields of public space.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Star Entertainment Group has reported that gross gaming revenue was down 2 per cent when compared to the previous year.<\/p>\n","protected":false},"author":176,"featured_media":26456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"The Star Entertainment Group reported a 2% year-on-year decline in gross gaming revenue and a statutory net loss of AU$199m for its fiscal year, primarily due to regulatory reviews and COVID-19 operational impacts. The company is implementing a comprehensive Renewal Program, monitored by Allen & Overy Consulting, to enhance governance and stakeholder trust. Concurrently, the Queen's Wharf Brisbane integrated resort project, a joint venture, faces a 10% cost increase, with an anticipated H2 next year opening.","focusai_entities":"Star Entertainment Group, Ben Heap, Allen & Overy Consulting, Destination Brisbane Consortium, Chow Tai Fook Enterprises, Far East Consortium","focusai_location":"Australia, Sydney, Gold Coast, Brisbane, Hong Kong","focusai_target_profile":"ceo_executive (0.9), regulator (0.95), compliance_legal (0.95), operator_casino (0.9), tech_data (0.7), payments_fraud_aml (0.75), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Regulatory Impact on Valuation","query":"What specific financial provisions or contingent liabilities has Star Entertainment Group established in anticipation of potential regulatory penalties or remediation costs stemming from ongoing reviews?"},{"label":"Queen's Wharf ROI","query":"Given the 10% cost escalation for Queen's Wharf Brisbane, how has the projected return on investment (ROI) and payback period been re-evaluated, and what are the revised GGR contribution forecasts for the new integrated resort?"}],"footnotes":""},"categories":[16336,163,158],"tags":[23871],"class_list":["post-32827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news","category-slider-home","tag-the-star-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32827","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=32827"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32827\/revisions"}],"predecessor-version":[{"id":32839,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/32827\/revisions\/32839"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/26456"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=32827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=32827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=32827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}