Star Entertainment Q4: Property revenues down amid Bally’s investment
Revenue and EBITDA were down across three of the four properties, while The Star Brisbane did not provide previous year data.
Key points:
– The Star Entertainment has released its Q4 2025 results
– The results come as the operator works on an AU$300m investment from Bally’s
The Star Entertainment has announced its financial results for the three-month period ended 30 June 2025. For the quarter, revenue came to AU$270m (US$175.5m), with an EBITDA loss of AU$27m, AU$3m higher than this time last year.
Operating expenses came to AU$232m, down from AU$273m this time last year. Total cash available to The Star now sits at AU$234m.
The results come during a period of financial struggle for The Star, with Bally’s intending to inject AU$300m into the business to gain a 50%+ stake.
Indeed, following several instances of high-profile fines, the operator has struggled financially. Alongside the Bally’s investment, The Star also recently sold off the Sydney Event Centre for AU$60m.
It also exited its joint ventures with Chow Tai Fook Enterprises and Far East Consortium, Destination Brisbane Consortium and Destination Gold Coast Consortium.
Good to know: During the quarter, Star Entertainment also shuffled its executive team, confirming that Jennifer Cronin would serve as Interim CEO of The Star Gold Coast, among others
Results by property
Starting with The Star Sydney, and revenue came to AU$162m, on par with last quarter but down 22% year-on-year. EBITDA took a far more significant dip, however, from AU$3m in Q4 2024 to a loss of AU$14m this quarter. These results were credited to an increase in table game revenue but a dip in hotel revenue, with overall average daily revenue down 17%.
The Star Gold Coast, similarly, reported revenue that saw little change quarter-on-quarter, making AU$96m, with this result reflecting a 6% decrease year-on-year. EBITDA saw an even harsher decline, down 78% from AU$10m to AU$2m year-on-year. Table game declines were pointed to as a source for this decline.
The Star Gold Coast saw a significantly less dramatic downturn in revenue compared to its peers
The Star Brisbane, with no prior year data to compare to, made AU$8m in Q4, AU$1m than last quarter, with its EBITDA loss decreasing from AU$16m to AU$15m.
Finally, Treasury Brisbane made AU$4m in revenue, a 95% decline year-on-year from Q4 2024’s AU$83m. EBITDA fell at a similarly alarming rate, at 102%, from AU$10m to AU$0m.
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