Forward-looking into 2023, Star Entertainment management’s focus will be on the Remediation and transformation, a strong commitment to demonstrating suitability to hold casino licenses in New South Wales and Queensland.

Amidst all the present headwinds, regulatory challenges, and manpower crises, the company aims to achieve a progressive track record in areas of investments in hospitality and tourism assets.

To achieve the core goal and outlook for fiscal 2023 the company will complete new senior executive and Board appointments at the earliest.

The company is equally committed to address outcomes of the Bell and Gotterson Reviews as conducted by the Independent Casino Commissions.

The company is strongly considering to adopt the necessary changes in compliance with the NSW Casino Control Act 1992 and the Bill to amend the Queensland Casino Control Act 1982.


On the operations front, the company aims to drive revenue growth in a post COVID-19 earnings recovery; equally maintain cost control; and manage the competitive impact of Crown Sydney.

While the focus of the company across the major projects continues to progress the construction of the Queen’s Wharf Brisbane Integrated Resort in Brisbane and manage the cost overruns.

Star Entertainment, Queen's Wharf Brisbane
Queen’s Wharf Brisbane, render

Whilst continuing preparations for the opening in the first half of fiscal 2024, the company has prioritized completing Tower 1 apartment settlements and continuing to progress the construction of Tower 2 on the Gold Coast; and ensuring progress development opportunities for the Sydney property.

On the asset front, the company aims to complete the sale of the Treasury Buildings and the NSW Government’s compulsory acquisition of the Union Street Pyrmont property (owned by Far East Consortium (FEC).

The company will also explore ownership options and opportunities in partnership with Chow Tai Fook (CTF) and FEC for the Sheraton Grand Mirage Resort Gold Coast.

In fiscal 2023 the company envisages opportunities to unlock the underlying value of the Group’s property portfolio and use proceeds to pay down debt and reduce gearing levels.


The Group remains committed to maintaining a balance sheet that positions it for post-COVID-19 recovery and the potential for financial penalties arising from the ongoing regulatory inquiries. 

The net debt of the company was $1,149.0 million as compared to $1,171.4 million in the last fiscal year.

Operating cash flow before interest and tax was $181.3million as compared to $471.3 million in fiscal 2021, with an EBITDA to cash conversion ratio of 82 percent as against 123 percent in fiscal 2021.

No final dividend was declared in accordance with the conditions of debt covenant waivers which restrict further cash dividends from being paid until the Group’s gearing, which represents the ratio of net debt to 12 months trailing statutory EBITDA, is below 2.5 times.


The Sydney property and the broader casino industry are in a state of significant uncertainty.

Recent regulatory changes have resulted in the cessation of the junket business and the pausing of international and domestic rebate businesses while COVID-19 restrictions continue to affect international visitation. 

The outcome of the Bell review and AUSTRAC investigation remains uncertain.

In combination, these factors have reduced the valuation of the Sydney cash-generating unit, requiring an impairment of $162.5 million to be recognized against The Star Sydney’s goodwill on 30 June 2022.