Australia's Star Entertainment posted a smaller second-quarter loss on Monday compared with the previous three-month period, as the casino operator benefited from its cost-out programme and strong December performance.
Star Entertainment Group reported a statutory net loss after tax of A$1.3 billion for the second quarter ending December 31, 2024, a significant downturn from the A$35 million profit in the same period the previous year. This loss was primarily due to a A$1.6 billion non-cash impairment charge related to its Sydney, Gold Coast, and Brisbane casinos, reflecting challenges in the regulatory environment, remediation costs, and increased competition. Despite these setbacks, the company's revenue saw a slight increase of 0.8% to A$1.04 billion, driven by growth in its premium gaming and non-gaming sectors. However, normalized net profit after tax, which excludes significant items, dropped by 41% to A$19 million. Star Entertainment also noted that its remediation efforts are progressing, with expectations of regulatory approval for its Sydney casino remediation plan in the coming months.
Travel & Leisure
