Star set to sign $300M lifeline deal on April 7
Australian gambling operator Star Entertainment is about to sign a $300 million rescue deal with US-based casino giant Bally’s Corporation.
According to the Australian...
Star Entertainment finally releases financial report
After a long delay, Star Entertainment released its half-year financial report for the period ending 31 December 2024, confirming a net loss of A$302 million and highlighting the company’s continued economic troubles.
Published on 15 April, the report follows the recent confirmation of an A$300 million capital injection from Bally’s Corporation and local investor Bruce Mathieson. Star received the first A$100 million offer on 9 April, easing immediate liquidity concerns.
Revenue for the half declined by 25% year-on-year to A$650 million, driven by a steep 32% drop in domestic gaming revenue to A$464 million. EBITDA also saw a decline of A$26 million, which is a significant decline when compared to the A$61 million reported in the same period last year.
The March quarter continued the downward trend, with revenue down 9% quarter-on-quarter to A$271 million and adjusted EBITDA slipping to an A$21 million loss. Operations at The Star Gold Coast were impacted by Cyclone Alfred, while The Star Sydney posted a 26% year-on-year revenue decline.
Despite the challenges, CEO Steve McCann remains optimistic, noting that gaming activity remains high across the sector. Star plans to refocus on customer engagement, non-gaming revenue streams, and regulatory reforms to regain stability.
Star nears collapse after rescue deal withdrawal
Australian gambling operator Star Entertainment is once again facing financial trouble after Salter Brothers Capital's refinancing deal withdrawal.For many years, Star...
