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Star Entertainment Group posts $865.7m in net revenue for first half of 2024

Metrics including net revenue, EBITDA and EBIT were down year-on-year by double digits. 

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The Star Entertainment Group has released its financial results for the first half of 2024. Net revenue fell by 14.6% when compared to last year’s results during the same period.

Its normalised EBITDA reached $114m during the first half of the year, while net profit after taxes totalled $25m.

The company said that its H1 FY24 revenue and earnings were “broadly consistent with Q4 FY23 and in line with AGM commentary.”

Star went on to add that across all its properties, product segments and main gaming floor performance “held up well.”

Company CEO and Managing Director Robbie Cooke noted that the group achieved several milestones despite challenges during the year.

He commented: “While the group continues to operate in a challenging regulatory environment, The Star has achieved a number of significant milestones in the period. The group’s Remediation Plan was approved in Queensland. The resolution of the proposed increase to NSW casino duty rates has removed significant uncertainty for our Sydney property and has protected thousands of jobs for our team members in New South Wales.

“We have strengthened our balance sheet with the successful raising of $750m of additional equity and $450m in new debt facilities. Importantly also, our Queen’s Wharf Brisbane joint venture settled the outstanding litigation with Multiplex – removing considerable uncertainty and distraction enabling the project team to focus solely on the delivery of this transformational precinct that will showcase Brisbane to locals as well as interstate and international visitors.”

Cooke noted that the company continues to focus on forward momentum despite its recent milestones.

He said in closing: “Notwithstanding these achievements, there is still much work to be done. Remediation remains our number one priority.”

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