Star Entertainment FY19-20 revenue falls 31%
Star Entertainment Group's net revenue was AUD1.5bn (US$1.1bn) for its financial year ending 30 June 2020, a 31% drop year-on-year.
EBITDA fell 49%, leaving the group with AUD282m, while gross revenue was down 30% to AUD1.7bn.
The report clearly divides FY19-20 into pre and post-COVID-19 levels. The pre-COVID-19 period is from July 2019 to February 2020; domestic gaming revenue here was AUD1.1bn, almost a 2% rise.
However, gross revenue was AUD1.6bn, an 8% drop, while net revenue was AUD1.3bn, 10% less, and EBITDA dropped 35% to AUD263.8m.
The group operates Sydney and Queensland properties. Together, properties earned AUD509.3m from slots (a 25% decline) and AUD734.6m from table games (a 23% drop).
It cost about AUD10m per month to keep the venues operational.
The group remains optimistic about the “solid domestic earnings” and growth in the pre-COVID-19 period.
Casinos in Australia were closed at the end of March and re-opened with restrictions on June 1, but the severity of restrictions is constantly changing.
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