{"id":8973,"date":"2025-04-16T00:59:04","date_gmt":"2025-04-16T00:59:04","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2025\/04\/16\/star-entertainment-group-posts-heavy-loss-with-sydney-and-brisbane-under-pressure\/"},"modified":"2025-04-16T00:59:04","modified_gmt":"2025-04-16T00:59:04","slug":"star-entertainment-group-posts-heavy-loss-with-sydney-and-brisbane-under-pressure","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2025\/04\/16\/star-entertainment-group-posts-heavy-loss-with-sydney-and-brisbane-under-pressure\/","title":{"rendered":"Star Entertainment Group Posts Heavy Loss With Sydney and Brisbane Under Pressure"},"content":{"rendered":"<div>\n<p>The Star Entertainment Group has posted a steep net loss of AUD302 million (US$191.9 million) for the six months ending December 31, 2024. That marks a sharp reversal from the AUD9 million profit recorded during the same period a year earlier. The casino operator pointed to strict regulatory changes and softer consumer spending as major factors behind the decline.<\/p>\n<hr>\n<p><em><strong>Good to know<\/strong><\/em><\/p>\n<ul>\n<li><em><strong>Star\u2019s revenue dropped 24.4% in the half-year to December 2024.<\/strong><\/em><\/li>\n<li><em><strong>Cash restrictions and mandatory carded play hit Sydney operations.<\/strong><\/em><\/li>\n<li><em><strong>Company secured AUD300 million investment from Bally\u2019s and Mathieson-backed group.<\/strong><\/em><\/li>\n<\/ul>\n<hr>\n<p>Revenue for the group fell 24.4% year-on-year to AUD650 million. The company highlighted the impact of new operating reforms at its flagship Star Sydney casino, including mandatory carded play and cash restrictions, as key reasons behind the drop.<\/p>\n<p>New South Wales laws now require all casino gaming to be done with tracked cards, effectively banning cash play. Star Entertainment says these rules don\u2019t apply to pubs and clubs, creating an uneven playing field and hurting its Sydney venue\u2019s competitiveness.<\/p>\n<p><em>\u201cThe loss of market share across Sydney and Gold Coast properties has had a material impact on the business,\u201d<\/em> CEO Steve McCann said during a Tuesday briefing.<em> \u201cWe are continuing to operate in very challenging conditions.\u201d<\/em><\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"Mirax Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Mirax-Casino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Mirax Casino\" target=\"_blank\" rel=\"nofollow\">Mirax Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The company\u2019s domestic gaming revenue dropped 32% compared to the same time last year. Adjusting for the closure of Treasury Brisbane Casino, the decline was still 20%. Revenue from private gaming rooms fell 25%, main floor gaming dropped 16%, and non-gaming income slid 2%.<\/p>\n<p>The group also reported AUD166 million in after-tax charges as part of \u201csignificant items.\u201d These included write-downs tied to its stake in the Destination Brisbane Consortium, which manages the Queen\u2019s Wharf Brisbane development. The new Brisbane casino, The Star Brisbane, began a phased opening in August 2024.<\/p>\n<p>Additional charges came from refinancing costs, regulatory fines, and ongoing remediation work.<\/p>\n<p>Star\u2019s financial statement noted AUD98 million in available cash as of April 11. While its shares were suspended from trading in February for missing financial filings, that suspension will lift on Wednesday, according to the company.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\"><br \/>\n\t\t<amp-img alt=\"Mirax Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/Mirax-Casino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Mirax Casino\" target=\"_blank\" rel=\"nofollow\">Mirax Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>350% or 5BTC + <strong>150 Spins!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 350% + 150 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/mirax-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>To shore up liquidity, Star last week <a href=\"https:\/\/igaming.org\/casino-news\/star-shareholders-to-vote-on-ballys-180m-rescue-package\/\">finalized<\/a> a AUD300 million investment deal. The funding comes from Bally\u2019s Corporation and Star\u2019s largest shareholder, Investment Holdings Pty Ltd\u2014controlled by the Mathieson family.<\/p>\n<p><em>\u201cWe\u2019ve been working very hard on establishing additional liquidity to allow the company to continue trading,\u201d<\/em> said McCann, adding that the business remains under pressure but is actively trying to stabilize.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/star-entertainment-group-posts-heavy-loss-with-sydney-and-brisbane-under-pressure\/\">Star Entertainment Group Posts Heavy Loss With Sydney and Brisbane Under Pressure<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Star Entertainment Group has posted a steep net loss of AUD302 million (US$191.9 million) for the six months ending December 31, 2024. That marks a sharp reversal from the AUD9 million profit recorded during the same period a year earlier. The casino operator pointed to strict regulatory changes and softer consumer spending as major [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-8973","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=8973"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/8973\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=8973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=8973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=8973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}