{"id":777013576,"date":"2024-02-29T09:44:29","date_gmt":"2024-02-29T12:44:29","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777013576"},"modified":"2026-04-22T12:31:50","modified_gmt":"2026-04-22T15:31:50","slug":"the-star-entertainment-revenue-down-14-6-in-h1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-entertainment-revenue-down-14-6-in-h1","title":{"rendered":"The Star Entertainment revenue down 14.6% in H1"},"content":{"rendered":"\n

Revenue for the first half of the financial year was AU$865.7m (US$556m).<\/p>\n\n\n\n\n\n\n\n

Australia.-\u00a0The Star Entertainment Group\u00a0<\/strong>has reported net revenue of AU$865.7m (US$556m) for the first half of the financial year 2024. Revenue was down 14.6 per cent year-on-year <\/p>\n\n\n\n

After a AU$1.26bn (US$820m) loss the year before, the casino operator posted AU$9.1m (US$5.9m) in profit after tax. EBITDA declined by 43.1 per cent in year-on-year terms, to AU$113.6m (US$73.8m).<\/p>\n\n\n\n

The Star Sydney\u00a0<\/strong>revenue was AU$450m (US$2926m) for the period, down 16.9 per cent year-on-year. EBITDA was AU$37.4m (US$24.3m), down 57.2 per cent. The\u00a0Star Gold Coast<\/strong>\u00a0revenue was AU$238.1m (US$155m), down 13.6 per cent, while EBITDA was AU$44.6m (US$29m), down 32.6 per cent.\u00a0Treasury Brisbane<\/strong>\u00a0revenue was down 9.6 per cent to AU$177.6m (US$115m), with EBITDA of AU$31.6m (US$20.5m), down 31.5 per cent.<\/p>\n\n\n\n

The Star\u2019s Group CEO and managing director, Robbie Cooke<\/strong>, said: \u201cWhile the group continues to operate in a challenging regulatory environment, The Star has achieved a number of significant milestones in the period. The Group\u2019s Remediation Plan was approved in Queensland. The resolution of the proposed increase to NSW casino duty rates has removed significant uncertainty for our Sydney property and has protected thousands of jobs for our team members in New South Wales<\/a>.<\/p>\n\n\n\n

\u201cWe have strengthened our Balance Sheet with the successful raising of AU$750m of additional equity and AU$450m in new debt facilities. Importantly also, our Queen\u2019s Wharf Brisbane joint venture<\/a> settled the outstanding litigation with Multiplex \u2013 removing considerable uncertainty and distraction enabling the project team to focus solely on the delivery of this transformational precinct that will showcase Brisbane to locals as well as interstate and international visitors.<\/p>\n\n\n\n

\u201cNotwithstanding these achievements, there is still much work to be done. Remediation remains our number one priority. We continue to uplift our risk management, safer gambling and AML capabilities <\/strong>and are starting to embed greater accountability and more robust governance. We have invested in enhancing our control environments and are operationalising and embedding these controls. We are improving our financial crime management and have commenced the introduction of significant harm minimisation measures. Our remediation program will track and hold us accountable to the multi-year program we are committed to delivering.<\/p>\n\n\n\n

\u201cIn terms of trading performance, earnings have maintained the run rate experienced on exiting Q4 FY23 with EBITDA of AU$114m in the half. The start of this calendar year has seen revenue and earnings continue to track our first-half run rate.<\/p>\n\n\n\n

\u201cDespite the challenges of the past 18 months, as a team we are progressing and continuing to work hard to do all that we possibly can to restore our suitability and earn back trust. As a team we are committed to our strategic \u2018North Star\u2019 looking to deliver sustainable outcomes for our guests, our team members, the communities in which we exist and our shareholders, by providing entertainment, gaming, and leisure experiences in a safe, responsible, and ethical way.\u201d<\/p>\n\n\n\n

\u201cWe welcome the inquiry called in New South Wales<\/a> to assist the NICC in forming a view as to what (if any) action it should take in respect of The Star Pty Ltd (the holder of our NSW licence), prior to the end of the Manager\u2019s appointment on 30 June 2024. This inquiry will provide an objective forum in which The Star will be able to demonstrate in NSW it is capable of returning to suitability with particular reference to the actions that have been put in place since the Bell report was published on 13 September 2022. The Star intends to participate in the inquiry in an open, transparent and facilitative manner.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Revenue for the first half of the financial year was AU$865.7m (US$556m).<\/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 H1 FY24 net revenue of AU$865.7m, a 14.6% year-on-year decline, but achieved a AU$9.1m profit after tax following a significant prior-year loss. The operator continues to navigate a challenging regulatory landscape, focusing on remediation, strengthening its balance sheet through equity and debt, and resolving key litigation, while preparing for a NSW suitability inquiry.","focusai_entities":"The Star Entertainment Group, Robbie Cooke, Multiplex, NICC, The Star Pty Ltd","focusai_location":"Australia, Queensland, New South Wales, Sydney, Gold Coast, Brisbane","focusai_target_profile":"ceo_executive (1.0), regulator (1.0), compliance_legal (1.0), operator_casino (1.0), payments_fraud_aml (0.9), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Impact of NSW Inquiry?","query":"What specific operational or licensing actions could the NICC's inquiry in New South Wales lead to for The Star Entertainment Group, particularly concerning the Manager's appointment ending June 30, 2024?"},{"label":"Remediation Plan Efficacy?","query":"Beyond the Queensland approval, what are the key performance indicators and timelines for The Star's multi-year remediation program, and how will its efficacy be objectively measured and reported to stakeholders?"}],"footnotes":""},"categories":[16336,163],"tags":[23871],"class_list":["post-777013576","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\/777013576","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=777013576"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013576\/revisions"}],"predecessor-version":[{"id":777013596,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777013576\/revisions\/777013596"}],"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=777013576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777013576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777013576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}