Good morning. The numbers improved at Star Entertainment, but the safety net remains thin. Its FY26 statutory loss fell to $220 million, and the normalized EBITDA deficit narrowed substantially, while lower cash, uncertainty surrounding banking access, and the AUSTRAC case continue to cast doubt on the group’s future. Macau Legend, meanwhile, crossed into positive adjusted EBITDA in its first full half without gaming revenue, although its auditor would not conclude on accounts burdened by debt concerns. Hotel Lisboa offered a more tangible reopening story, with 427 renovated rooms due back in September under a wider peninsula upgrade.
What you need to know
- Star Entertainment narrowed its FY26 loss to $220 million, but lower cash and a potential AUSTRAC penalty kept funding risks elevated.
- Macau Legend swung to a $1.1M adjusted EBITDA profit in its first gaming-free half, but its auditor withheld a conclusion on going concern.
- Hotel Lisboa is preparing 427 refurbished rooms for reopening as SJM strengthens its peninsula accommodation and gaming offering.
On the radar
- Macau summer hotel occupancy tops 90%, but room rates fall up to 10%.
- Cambodian officials accused of selling 12,000 visas to scam casino workers.
- Century Entertainment delays 2026 results again, board meeting pushed back.
AGB Intelligence
AUSTRALIA
The Star cuts FY26 loss while AUSTRAC penalty risk persists
Star Entertainment reported a narrower $220 million statutory loss for FY26, with its normalized EBITDA loss improving to $11.5 million. The result came despite a 5.3 percent decline in gaming revenue, largely due to continued weakness in table games in Sydney. The operator warned that its $137.8 million July cash balance was insufficient to meet net current liabilities. A potential AUSTRAC penalty and the need to maintain banking services also contributed to continued going-concern uncertainty.
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AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.
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