loader Image
Embattled Star reports an EBITDA loss of AU$18 million in the most recent quarter.

Star Entertainment has disclosed an EBITDA loss of AU$18 million (£9.2 million/€10.9 million/US$11.8 million) for the preceding quarter as it navigates regulatory challenges and its recently launched Star Brisbane joint venture.

In an ASX filing on Tuesday, 29 October, Star disclosed revenue of AU$351 million. This was an 18% decrease compared to the previous year and an 11% decrease from the last quarter. The business ascribed the decline to “a difficult operational landscape and the ongoing enforcement of obligatory carded play and cash restrictions.”

This report was the inaugural one following the Bell Two verdict, in which Star was once more deemed inappropriate for licensure in New South Wales on 17 October. Star Sydney was penalised AU$15 million and will face further controls; nonetheless, its licence remains intact.

The corporation announced on Tuesday that the penalty would be remitted in three installments: December 31, March 31, 2025, and June 30, 2025.

Star Sydney reports an EBITDA loss of AU$22 million.
Star Sydney's revenue of AU$186 million in Q1 decreased by 16% compared to the previous year and by 11% relative to the preceding quarter. However, its EBITDA loss of AU$22 million significantly hindered the company's overall performance.

“Revenue persists in its downward trajectory, reflecting a $4.4 million impact due to system outages in July 2024,” stated Star. The demanding consumer landscape and alterations in corporate procedures have significantly impacted the gaming industry, especially within the premium market.

The obligatory use of loyalty cards for all gaming activities, mandated by state authorities to monitor player activity, was partially instituted on 19 August and fully deployed across the casino on 19 October. Cash limitations of AU$5,000 have been established, which will decrease to AU$1,000 next August. Star observed that these modifications had expedited income decreases.

The business stated, "In the 50 days preceding the implementation of mandatory carded play and cash limits on 19 August 2024, revenue declined by 11% relative to the FY24 average and was 6% lower than the 4Q24 average." “As of 19 August 2024, revenue experienced an additional decline of 12%.”

Star Brisbane and Gold Coast exhibit greater potential.
The most commendable element of the Q1 report originated from Star Gold Coast. The property generated AU$108 million in revenue, reflecting a 6% rise from the previous quarter. Nonetheless, its AU$7 million in EBITDA represented a 70% decline from the previous year.

Similar to Star Sydney, the business cautioned that “legislation mandating carded play, obligatory pre-commitments, and cash limits” in Queensland is imminent.

The multibillion-dollar Star Brisbane complex accrued AU$45 million in sales within 33 days of its inauguration on 29 August. The portion allocated to Star amounted to AU$4 million. The project is a collaborative endeavour between Chow Tai Fook and Far East Consortium. The two partners each possess 25%, while Star holds the remaining 50%.

Currently, just the initial phase of the property is accessible. This includes the casino and several amenities, with more phases scheduled to operate into 2025.

Rising cash reserves, declining expenditures
Star's operational expenses amounted to AU$287 million in Q1, reflecting a minor decrease of 1% from the previous quarter. In September, expenditures totalled AU$83 million, in contrast to AU$106 million in August. The corporation announced the initiation of a cost-reduction program aimed at achieving a minimum of $100 million in first annualised cost savings, with execution scheduled for March 2025.

The cash on hand at the conclusion of the quarter was AU$149 million, an increase from AU$130 million at the end of August. The business obtained AU$60.5 million in net profits from the sale of its Treasury Brisbane casino on 27 September. The company recently secured a AU$200 million debt facility arrangement, divided into two tranches of AU$100 million each.

“The initial tranche is anticipated to be accessible for withdrawal, contingent upon conditions precedent (including comprehensive documentation), until 20 December 2024,” stated Star.

Related Articles

Our team of gambling industry specialists brings you the newest news and updates so you can stay informed. From forthcoming promotions and game launches to the most recent trends and advances in online gambling, our news section has you covered. We make sure you're aware of the best, most trustworthy platforms to play on by keeping you informed of any changes to regulations.

Additionally, you will discover details regarding new technology that are influencing the online casino industry, such as the incorporation of cryptocurrencies and virtual reality gambling. Seeking special incentives? If you want to make the most out of your games, we'll show you the greatest sales and promotions from reputable platforms. No matter how much or how little time you spend gambling online, our news updates will keep you informed of all the latest happenings in the industry. Our comprehensive coverage and regular updates will keep you one step ahead of the competition!

Getting Started With Online Casinos

image

1. Pick a Reliable Casino

Finding a trustworthy and legitimate online casino should be your first step. Try to find sites that are governed by organisations like the UK Gambling Commission or the Malta Gaming Authority. Make sure the casino has trustworthy customer service, honest games, and safe deposit methods by reading reviews. Choose the right one for you by thinking about things like game selection, deposit options, and bonus deals.

image

2. Set Up an Account and Deposit Funds

Create an account by entering your details and, if necessary, validating your identification after you've decided on a platform. Pick a way to pay that works for you, whether it's a bank transfer, e-wallet, cryptocurrency, or credit/debit card. Put down a sum that is manageable financially, and make the most of any promotions or welcome bonuses to boost your first investment. Before accepting a bonus, be sure you understand its terms and conditions.

image

3. Get Down to Responsible Playing

Take a look at the games offered by the casino and choose ones that suit your interests and skill level. Slot machines are ideal for newcomers because of how easy they are to play, while more experienced players may prefer games like poker or blackjack. Make sure you play within your means, play for fun, and never gamble for financial gain. Stop when you've had enough of the game and use the free versions to hone your skills before you risk real money.

How We Will Guide You

team

Thorough Evaluations of Online Casinos

We evaluate the best online casinos in depth, looking at things like customer service, games offered, banking options, bonuses, and license. Doing so guarantees that you select reliable platforms that are customised to your preferences.

team

Offers & Bonuses for New Customers

Here on our site, we showcase the top promos, free spins, and welcome bonuses. To assist you understand the wagering restrictions and make the most of your benefits, we have broken down the terms and conditions.

team

Professional and Beginner-Friendly Guides

Whether you're a complete beginner or a seasoned pro, our expert instructions will help you dominate the online casino games you love, including slots, blackjack, and poker.

team

Crypto-Friendly Insights

We list the top crypto casinos, describe their benefits, and show you how to utilise digital currencies safely and efficiently if that's your preferred method of playing.

team

Tools for Responsible Gambling

By providing resources and information, we hope to encourage responsible gambling and help our customers establish limits, maintain self-control, and have fun while playing.

team

Latest Industry Updates

If you're interested in keeping up with the newest happenings in the world of online casinos, be sure to check out our regularly updated articles. We make sure you're ahead of the game at all times.

Try These Casinos

1
7bet Casino

Welcome Bonus
100% up to £50
  • Live chat
  • Low minimum deposit
  • Handy game categories

1st deposit only | min deposit £10 ? max bet £2 | max bonus £50 | 40x wagering | Bonuses playable on Casino Slots & Crash games | 30-day bonus expiry.

2
Aztec Wins Casino

Welcome Bonus
100% Up to £200 + 20 Extra Spins
  • Instant messaging service available
  • They hold a UK Gambling Commission licence
  • Mobile friendly design

New Players Only, A Matchup Bonus of 100% up to £200 and 20 Free Spins on Gonzo Quest with promo code 'GDC20' (One Use Only) will be awarded on your first-ever deposit of £10. The Matchup Bonus will be awarded in Bonus Funds. T&Cs and 65x Wagering Requirements apply, £200 max total bonus, max bonus conversion equal to lifetime deposits (up to £250)

3
Rhino Casino

Welcome Bonus
75 Free Spins on Bonanza
  • Mobile app available for iOS and Android
  • Holds a UKGC Licence
  • Easy to use games lobby

This promotion is for new customers only. Customers must be 18+. Customers must be residents of the UK/IE. Sign Up using the promo code ‘casino75’ and make a minimum deposit of £25. Wager a minimum £25 on slots and receive 75 free spins on Bonanza.