Australia's Star Entertainment posts smaller quarterly loss

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Australia's Star Entertainment posts smaller quarterly loss

^{Published on 2025-01-20 05:44:10 - Reuters}

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.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/australias-star-entertainment-reports-second-quarter-loss-2025-01-19/ ]

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