Following the agreement of its rescue package deal from Bally’s, The Star Entertainment Group has released its delayed financial results for the six-month period ending December 31, 2024.
Normalised revenue stood at AU$650m, down 25 per cent from $866m year on year, and normalised EBITDA at a loss of $26m, down from $114m year on year. Statutory net loss was $302m after significant items of $166m and normalised loss after tax of $136m before significant items.
Following the first tranche of $100m as part of its deal with Bally’s, The Star had available cash of $98m, as of April 11.
The company stated that trading performance had “deteriorated” over the period, “in particular from the introduction of mandatory carded play and cash limits at The Star Sydney and challenging trading conditions caused by casino operating reforms and market share loss at The Star Gold Coast.”
It also stated it is pursuing a number of initiatives to improve its liquidity position, including improving market share and driving revenue growth through customer-focused enhancements and initiatives, and embedding the $100m cost-out programme and identifying further areas for additional cost-out,
