The Star Entertainment Group in US$53m loss for six months ending 31 December 2021

The Star Entertainment Group has reported a net loss of AU$74m (US$53.2m) for the six months ending 31 December 2021.

thestar loss

The group’s venues were heavily impacted by restrictions related to Covid-19. Group-wide revenue fell 22% to AU$580m.

The Star Sydney reported AU$239m in revenue for the period, down 39% from the prior-year period, with an EBITDA loss of AU$25m. The company did note, however, that revenue climbed 28% upon reopening on 11 October 2021.

The Star Gold Coast reported revenue of AU$180m, up 5% from the prior-year period, with EBITDA falling 50% to AU$26m.

And in Brisbane, revenue fell by 11% to AU$161m, with EBITDA down 57% to AU$29m.

The group also noted its priorities for the year ahead, namely that it will continue to fully co-operate with the Australian Transaction Reports and Analysis Centre (AUSTRAC) in relation to its requests for information and documents regarding the investigation into the operator.

The Star is also focusing on the Independent Liquor & Gaming Authority (ILGA) Review, with the report to the authority expected by 30 June 2022.

“The group continued executing its strategy well in the context of the extraordinary Covid-19 related challenges,” said The Star Entertainment Group Chairman John O’Neill AO. “The fundamental earnings prospects for The Star’s domestic business remain attractive.

“They are underpinned by valuable long-term licences in compelling locations while the transformation of our properties into globally competitive integrated resorts is nearing completion.

“The Star remains committed to maintaining a balance sheet that positions the group for the post-Covid-19 recovery.”

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