According to the report, group revenue for the period ended March 31 reached AU$266m (US$173m)<\/strong>, down 12 per cent quarter-on-quarter and flat compared to the prior corresponding period<\/a>. This was attributed to seasonal softness and lower gaming visitation, particularly in Sydney.<\/p>\n\n\n\n The company posted an EBITDA loss of just AU$1m (US$720,000), an improvement from the AU$24m (US$15.6m) loss recorded a year earlier. The previous quarter had seen positive EBITDA of AU$6m (US$3.9m) due to a one-off revenue adjustment. <\/p>\n\n\n\n Earnings performance was largely driven by cost-cutting measures implemented by the new leadership team. Operating expenses fell to AU$206m (US$134m), down 11 per cent quarter-on-quarter and 10 per cent year-on-year, reflecting both reduced volumes and ongoing efficiency initiatives.<\/p>\n\n\n\n Sydney<\/strong> revenue fell 10 per cent sequentially amid weaker table game activity and the impact of regulatory reforms such as mandatory carded play and cash limits. Meanwhile, the Gold Coast property<\/strong> showed relative resilience, with revenue increasing 5 per cent year-on-year to AU$101m (US$65.7m), supported by stronger electronic gaming and hospitality segments.<\/p>\n\n\n\n A key development during the quarter was the completion of the first stage of The Star\u2019s exit from the Destination Brisbane Consortium (DBC)<\/a>. The company will receive a fixed annual casino operator fee of AU$18m (US$11.7m) alongside performance-based incentives. The move also resulted in the release of The Star\u2019s guarantee over DBC\u2019s debt facilities, marking a step towards simplifying its balance sheet and focusing on core assets.<\/p>\n\n\n\n The Star must complete a refinancing of its existing debt facilities by May 15, 2026. The company has already signed a binding commitment letter with funds associated with WhiteHawk Capital Partners<\/a> and received the necessary regulatory approvals. Meanwhile, regulatory challenges persist. The Star Sydney\u2019s casino licence remains suspended<\/a>, while oversight measures continue across other properties.<\/p>\n\n\n![\"\"](\"https:\/\/focusgn.com\/asia-pacific\/wp-content\/uploads\/sites\/5\/2021\/01\/500-com-to-acquire-bitcoin-mining-machines-300x200.jpg\")
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