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The Star Entertainment Group FY2022 revenue down 2%

The Star Entertainment Group has reported revenue of AU$1.53bn (US$1.05bn) for the 12 months ended 30 June 2022, a 2% decline from the prior-year period.

star results

The operator reported EBITDA of AU$237m, down 45% year-on-year, and a net loss of AU$32m.

The Star Sydney represented AU$781m of total revenue, down 6% from the prior-year period, with earnings significantly impacted by the closure of the property for 102 days amid the Covid-19 pandemic. EBITDA at the venue declined by 60% to AU$82m.

The Star Gold Coast revenue was up 11% year-on-year to AU$424m, with the property closed for 11 days. EBITDA was down 20% to AU$90m.

And the group’s Brisbane property, which was closed for 12 days, reported revenue of AU$326m and EBITDA of AU$65m, declines of 6% and 43% respectively.

Domestic revenue in the June quarter was up 11% on pre-Covid levels, with slots revenue and non-gaming revenue up 28% and 26% respectively, while domestic tables was down 4%.

The operator noted many key executive and board appointments throughout the period, including Robbie Cooke as Managing Director and CEO, Scott Wharton as CEO of The Star Sydney and Group Head of Transformation, and the new board appointments of Michael Issenberg, Anne Ward and David Foster.

“The past year has demonstrated how resilient our business is and how quickly customers return when the properties are allowed to open and operate without restrictions,” said Acting CEO Geoff Hogg. “This gives us great confidence moving forward.

“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 continues.

“We would like to thank all of our guests and dedicated employees for their considerable support through these challenging times.”


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