The future of the group remains uncertain.
Key points:
- Revenue continues to fall
- EBITDA down 115% from Q2 FY24
- Operator says, “there remains material uncertainty as to the Group's ability to continue as a going concern.”
Star Entertainment has released its financial figures covering the second quarter ended 31 December 2024.
During Q2 FY25, revenue for the operator was AU$299m (US$186.94m), representing a continual decline quarter-by-quarter, with revenue in Q1 FY25 being valued at AU$351m and in Q2 FY24 it was AU$438m.
Compared to Q2 FY24, revenue dropped at both The Star Sydney and The Star Gold Coast, though revenue at the latter was up 3% compared to the last quarter to AU$111m.
EBITDA for the group also saw a decrease, with a significant 115% fall when compared with Q2 FY24, to a loss of AU$8m, though it was a better figure than the EBITDA in Q1 FY25 which was valued at a loss of AU$18m.
The Star Sydney saw its EBITDA decrease 127% year-on-year to a loss of AU$4m, while The Star Gold Coast was down 48% to AU$11m. Compared to the last quarter however both saw growth of 80% and 56% respectively.
Operating expenses overall were down 16% year-on-year and down 18% when compared to the last quarter, to a figure of AU$235m.
These results of course will reflect the fact that The Star Brisbane commenced its phased opening from 29 August 2024, while Treasury Brisbane was permanently closed on 25 August 2024.
During the quarter, The Star Entertainment was fined AU$15m for internal compliance issues, with its casino licence in Sydney remaining suspended, while in early December it drew down the first $100m tranche of the New Facility.
2025 has started difficult for the group, with ongoing financial challenges, admitting that a number of the conditions that need to be met to draw down the additional AU$100m under Tranche 2 of the New Facility as challenging to meet.
Good to know: At the time of writing (15:58 UK time), The Star Entertainment's share price was valued at 0.12 AUD, representing a decline of 17.9% from Friday's closing price
As a result of these financial struggles, The Star Entertainment last week implemented safe harbour provisions to protect its directors from potential insolvency trading liability.
Given its current situation, the operator has stated it is looking at other liquidity solutions and that “While discussions continue with respect to a range of different solutions, there is no certainty that any of these negotiations will result in one or more definitive arrangements that might materially increase the Group's liquidity position.
“In the absence of one or more of those arrangements, there remains material uncertainty as to the Group's ability to continue as a going concern.”
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