Star Entertainment announces H1 financial results

The Australian company increased its revenues by 15.3 per cent during the first six months of the year.

Australia.- Star Entertainment Group revealed that during the first six months of 2018 gross revenues increased 15.3 per cent to €1.6 billion. The Australian casino owner owns The Star Sydney, The Star Gold Coast, the Treasury Brisbane and the Sheraton Grand Mirage.

Half-year results show that net profit after tax increased 20.3 per cent to €162 million. The company acquired the Sheraton Grand Mirage, located on the Australian Gold Coast, in January 2017 after a joint venture.

Chairman John O’Neill said: “The group announced an expanded strategic partnership with Chow Tai Fook Enterprises and Far East Consortium in March 2018, further enhancing the long-term value of The Star for all shareholders. This comprised a strategic alliance agreement to further invest in The Star’s businesses, a marketing alliance which leverages CTF and FEC’s customer networks and the welcoming of CTF and FEC as shareholders via an equity placement that aligns our interests.

“The group remains focused on executing our long-standing strategy of investing in privileged assets to drive visitation and earnings. Our partnership approach enables capital-efficient, de-risked growth, creating a network of sought after world-class resorts. Management priorities are improving earnings, delivering on the next stage of our capital plans and commercialisation of our expanded joint venture with CTF and FEC.”