{"id":9214,"date":"2020-08-20T23:07:19","date_gmt":"2020-08-20T23:07:19","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=9214"},"modified":"2026-04-24T02:33:39","modified_gmt":"2026-04-24T05:33:39","slug":"the-star-reports-losses-of-us67-9m","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/the-star-reports-losses-of-us67-9m","title":{"rendered":"The Star reports losses of US$67.9m"},"content":{"rendered":"\n

The Australian gaming group\u2019s revenues were hit by the closure of its Sydney and Queensland properties from March to July.<\/p>\n\n\n\n\n\n\n\n

Australia.- The Star Entertainment Group has reported net losses of AU$94.5 million (US$67.9 million) for the full year ending June 30.<\/p>\n\n\n\n

Revenues for the period totalled AU1.48 billion (US$1.06 billion), 31.1 per cent less than in the same period the year before. EBITDA was down 49 per cent year-on-year to AU$282 million (US$202.7 million).<\/p>\n\n\n\n

The Star said that in the pre-pandemic period of the year, from July 2019 to February 2020, the group\u2019s revenue was up 7.5 per cent year-on-year (AU$1.34 billion\/US$963.6 million). EBITDA was 12.1 per cent higher.<\/p>\n\n\n\n

The Star\u2019s properties were shut on March 23. Its Sydney casino partially reopened on July 1 and its Queensland property on July 3.<\/p>\n\n\n\n

Chairman John O\u2019Neill AO said: \u201cThe group continued executing its growth strategy<\/a><\/em><\/strong> despite an unprecedented environment. Whilst acknowledging the impacts of COVID19 have been extraordinarily challenging, the fundamental earnings prospects for The Star remain unchanged, underpinned by valuable long-term licences in sought after destinations.\u201d<\/p>\n\n\n\n

He added: \u201cMajor projects at Queen\u2019s Wharf Brisbane and The Star Gold Coast are proceeding to plan, with the upgraded and expanded Sovereign at The Star Sydney delivered on time and budget.\u201d<\/p>\n\n\n\n

As an early preview of 2021 results, the company said that since June domestic gaming revenues had dropped 80 per cent year-on-year total domestic revenues did so by 75 per cent, due to restricted capacity.<\/p>\n\n\n\n

Managing director and chief executive officer Matt Bekier said: \u201cExecution of our long-standing growth strategy continued to plan over FY2020. Initial response by our highest value domestic customers to the new Sovereign in Sydney since its July 2020 opening has been pleasing.\u201d<\/p>\n\n\n\n

The company has decided to suspend all dividends.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Australian gaming group\u2019s revenues were hit by the closure of its Sydney and Queensland properties from March to July.<\/p>\n","protected":false},"author":2,"featured_media":0,"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 net loss of AU$94.5 million for the full year ending June 30, with revenues declining 31.1% to AU$1.48 billion, primarily due to COVID-19 related property closures. Despite the significant operational impact, the group affirmed its long-term growth strategy and progress on key development projects, though dividends have been suspended. Post-June, domestic gaming revenues have seen an 80% year-on-year decline due to capacity restrictions.","focusai_entities":"The Star Entertainment Group, John O\u2019Neill AO, Matt Bekier","focusai_location":"Australia, Sydney, Queensland, Brisbane, Gold Coast","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Domestic Revenue Recovery Strategy","query":"What specific operational adjustments and marketing initiatives are planned to mitigate the 75-80% year-on-year domestic revenue decline observed post-June 2020, particularly concerning restricted capacity and high-value customer engagement?"},{"label":"Capital Project Funding Outlook","query":"Given the suspension of dividends and significant net losses, what is the revised capital expenditure funding strategy for major projects like Queen\u2019s Wharf Brisbane and The Star Gold Coast, and are there any potential delays or scope changes anticipated?"}],"footnotes":""},"categories":[16336,163],"tags":[289,20778,21815],"class_list":["post-9214","post","type-post","status-publish","format-standard","hentry","category-australasia-news","category-finance-news","tag-australia","tag-financial-results","tag-the-star"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9214","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\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=9214"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9214\/revisions"}],"predecessor-version":[{"id":9225,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9214\/revisions\/9225"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}