The Star Casino. Source: Alex Cymbal, Shutterstock

Star Entertainment Group Reports Financial Downturn

Star Entertainment Group has published its full-year financial results, revealing a persistent decline in performance. The company's revenue fell by 10% year-on-year, totalling nearly A$1.7 billion (approximately $1.17 billion). Additionally, EBITDA dropped 45% compared to the previous year, landing at A$175 million ($120.5 million), with the EBITDA margin decreasing from 17% to 10%.

At the conclusion of the financial year, Star Entertainment Group reported cash reserves of A$130 million ($89.5 million). Although these results reflect a significant downturn, they were anticipated and aligned with the company's earlier forecasts. Star has already proposed various initiatives aimed at enhancing its overall business and boosting liquidity.

CEO Steve McCann addressed the results, acknowledging the considerable challenges ahead for the company and expressing gratitude to shareholders for their continued support during these trying times.

27 September 2024, 10:54

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