Australian gaming operator The Star has announced that it has recorded a statutory net loss of some AU$2.44 billion ($1.57 billion) for its financial year, a stark increase from the AU$203 million ($130.6 million) loss registered in the previous year.
EBITDA totaled AU$317 million ($203.7 million), up from AU$238 million ($153 million) in FY22.
The group announced that its agreement with the New South Wales Government to amend casino rates is ‘creating a sustainable path forward for The Star Sydney’.
The property itself saw AU$127 million ($81.62 million) in EBITDA, up 57 percent yearly, while revenue reached AU$978 million ($628.5 million), up 27 percent yearly.
Table games contributed more revenue, at AU$498 million ($320 million), up 19 percent yearly, while EGMs saw 30 percent revenue growth, to AU$341 million ($219.15 million).
Non-gaming revenue at The Star Sydney was up 49 percent yearly, to AU$140 million ($90 million).
The group notes that the property’s results were ‘impacted by uplifted controls resulting in increased guest exclusion’ as well as ‘operating restrictions’ such as the ‘level of complimentary services and benefits in private gaming areas’.
It also noted that it was impacted by increased competition, such as from Crown.
The group’s Gold Coast property saw EBITDA rise by 20 percent, to AU$107 million ($68.77 million), while revenue hit AU$505 million ($324.55 million), up 20 percent.
EGMs shone strongest at the property, at AU$233 million ($150 million), just a 9 percent yearly rise, however.
Tables brought in less than non-gaming, at AU$103 million ($66.2 million), up 7 percent, while non-gaming contributed AU$169 million ($108.61 million), up 52 percent yearly.
The group notes the property ‘benefited from a surge in domestic tourism and consumer spending post COVID.
Treasury Brisbane brought in EBITDA of AU$83 million ($52.7 million), up 29 percent yearly, while revenue was up 15 percent, to AU$373 million ($239.7 million).
EGMs also shone, up 17 percent, to AU$197 million ($126.6 million), while tables rose just 8 percent, to AU$143 million ($91.9 million). Non-gaming’s contribution was just AU$34 million ($21.85 million), up 34 percent yearly.
The group notes that it now has a ‘focus on regaining suitability to hold the Brisbane casino license’, key in opening its Queen’s Wharf Brisbane property – to which it will transfer its gaming operations.
