Star Entertainment says Sydney trends post-reopening are encouraging

Star Entertainment Group

Star Entertainment said the beginning of its fiscal 2022 year has been hit by Covid property shutdowns, but it has seen encouraging trends in Sydney since reopening.

CEO Matt Bekier gave a trading update to shareholders on the first half performance, saying Star Sydney had reopened on 11 October and had seen a “positive” start. The property was closed on 25 June.

There are still operating restrictions in Sydney, with a more significant easing expected from December 1.

He said properties in Queensland are operating after brief shutdowns in July and August and revenue trends are in line with the comparable period last year.

“All properties will benefit from the planned re-opening of domestic and international borders,” he said.

Bekier also gave an update on measures that Star has been taking to improve its AML and corporate governance procedures.

The company is under investigation following an investigative news report by Australian media, which detailed similar failing to those founds at rival Crown Resorts.

He said Star has a group wide AML compliance management system with a centralized repository for AML related customer data and information.

A new and purpose-built transaction monitoring capability has also been implements.

“We believe that we have made very good progress in this area and we have a range of further initiatives under development,” he said.

He also said the group has identified responsible gambling as its “most material” environmental, social and governance issue.

This year it intends to further use technology to boost its anti AML capabilities and will remain focused on responsible gambling.