Revenue was down 18 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n
Australia.- The Star Entertainment Group<\/strong> has shared its financial results for the first quarter of its financial year. It posted revenue of AU$351m (US$230.85m)<\/strong>, down 18 per cent year-on-year and 11 per cent sequentially. Earnings before interest, taxes, depreciation and amortisation (EBITDA) was negative AU$18m (US$11.84m) compared to positive AU$23m (US$15.1m) in the previous quarter.<\/p>\n\n\n\n The company cited a “challenging operating environment and the continued implementation of mandatory carded play and cash limits.”<\/p>\n\n\n\n The\u00a0Star Sydney\u00a0<\/strong>revenue was AU$186m (US$122.23m), down 11 per cent sequentially and 16 per cent in year-on-year terms. EBITDA was negative AU$21m (US$13.8m) compared to positive AU$22m (US$14.47m) in the first quarter of the last financial year. The casino operator was affected by a AU$4.4m (US$2.9m) impact from system outages in July<\/strong>. It said “the challenging consumer environment and changes in business practices have weighed heavily on gaming, particularly in the premium segment.”<\/p>\n\n\n\n In the 50 days before the introduction of mandatory carded play and cash limits on August 19, revenue was down 11 per cent compared to the prior-year average. Since August 19, revenue declined a further 12 per cent. Electronic gaming machines have faced pressure from competitors.<\/p>\n\n\n\n The\u00a0Star Gold Coast<\/strong>\u00a0revenue was AU$108m (US$71m), down 9 per cent year-on-year but up 6 per cent compared to the previous quarter. EBITDA was positive at AU$7m (US$4.6m) but down 33 per cent from the previous quarter and down 70 per cent yearly. <\/p>\n\n\n\n The company stated: “With fully carded play and cash limits not yet introduced revenue has stabilised and the anticipated seasonal uplift materialised in the quarter, albeit from a lower base.<\/p>\n\n\n\n “Hospitality revenue is up 10 per cent on 4Q FY24 (1Q FY24 up 11 per cent on 4Q FY23) and Gaming revenue, although impacted by system outages, up 3 per cent (FY24 up 6 per cent). Ongoing higher remediation and regulatory costs continue to impact EBITDA. Excluding these, margins were slightly improved on 4Q FY24.”<\/p>\n\n\n\n Treasury Brisbane<\/a>\u00a0posted a revenue of AU$53m (US$38.86m), with EBITDA of AU$2m (US$1.32m). The venue closed<\/a> on August 25. The Star Brisbane<\/a>, which commenced operations on August 29, brought in AU$4m (US$2.63m), but EBITDA was negative AU$7m (US$4.6m). <\/p>\n\n\n\n The Star reported its available cash as of September 30 as AU$149m (US$98m), boosted by net proceeds of AU$60.4m (US$39.72m) from the sale of the Treasury Brisbane Casino building.<\/p>\n\n\n\n