Star Entertainment annual revenue rises
Australian casino operator Star Entertainment Group grew its revenue 6% to A$2.6bn ($1.9bn) for the year up to 30 June .
Normalised net profit rose 20% to A$258m, while statutory profit improved by 44% to A$148m. Normalised EBITDA increased 14% to A$588m, as statutory EBITDA dropped by 19% to A$484m, which is attributed to a lower win rate.
The boost in revenue and net profit figures are partially down to the return of VIP players to Australian casinos, as VIP turnover grew 54% to A$61.2bn, with revenue of A$827m, an increase of 52%.
In Sydney, gross revenue grew 3% to A$1.88bn, up 17.5%, while EBITDA increased 28% to A$410m, although real EBITDA declined 29%, impacted again by the low win rate in 2018.
Stars Entertainment Chairman and Non-Executive Director John O’Neill said: “The group completed a further year delivering on our growth strategy.
“Record normalised revenues and earnings for the company in FY2018 reflect ongoing operational improvements across the group and early performance benefits from new and upgraded assets at the Gold Coast and Sydney.”
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