RTG Slots

Star Entertainment posts profit decline

The company posted a 2.4% decline in profits in 1H. Credits: The Star Entertainment Group

The company has registered a 2.4% fall in profit for the six-month period ended December 31.

Australia.- Star Entertainment released this week its latest financial results, which detail the company’s performance during the six months ended December 31, 2018, and show that it experienced a 2.4% decline in profit during that period.

The country’s second-largest casino operator (behind Crown Resorts), reported that normalised profit after tax came in at €77.8 million for the six months ending December 31. Turnover from international VIP decreased 33% to €13 billion, with VIP turnover at the company’s biggest casino down 49%.

Moreover, the company revealed record earnings for the half-year period, with a 6% increase in earnings from the company’s casino in Sydney. “The domestic gaming business held up through November and December with overall main floor gaming revenue growth of 6.5 per cent in the first half of 2019,” Macquarie senior analyst David Fabris said.

The company said on Thursday that it believes that global VIP gambling market remained robust overall and that the half-year decrease in turnover was not something that could concern them in the long run: “Once the uncertainty settles down, I expect it to come back. We are not pushing the panic button… we are executing our strategies,” said Star Chief Executive Matt Bekier, according to WAtoday.com.

In this article:
australia finance Star Entertainment