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Wednesday, March 22, 2023

Star Entertainment 1H statutory net loss of A$1.26 billion

Star Entertainment 1H statutory net loss of A.26 billion

mike cherney

SYDNEY – Australian casino operator Star Entertainment Group Ltd. has posted a huge half-year loss as it faces regulatory challenges and new competition in the Sydney market.

Star said it had a net loss of A$1.26 billion ($860 million) in the six months to December, compared with a loss of A$74 million in the previous period, by statutory standards. As previously noted, it said the current results included a substantial impairment charge related to its Sydney casino.

Star said revenue from general events rose about 75 per cent to $1 billion. Normalized net profit, which reflects the underlying performance of the business, was almost A$44 million, compared with a loss of A$74 million the previous year.

The company has not declared an interim dividend.

Star previously said the impairment charge would stem from operational changes following a government review and the possibility of an increase in state casino tariffs. The Star’s Sydney casino is also facing competition from a new casino operated by rival Crown in the city.

Trading in the company’s stock was suspended pending an announcement.

Write to Mike Cherney: mike.cherney@wsj.com

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