Australian casino operator Star Entertainment reports smaller annual loss
The company said operating conditions remained challenging
Australian casino operator Star Entertainment announced on Monday that it had reported a smaller annual loss, following aggressive cost reductions as part of its restructuring program. The company attributed the improvement to stable trading at its Sydney venue, The Star Sydney, and an increase in casino volumes at its Gold Coast location.
However, Table Games revenue at The Star Sydney experienced a decline compared to the previous year. Despite these positive developments, Star Entertainment emphasized the ongoing challenges it faces in operating conditions, as it continues to address issues such as a penalty imposed by the financial crime watchdog Austrac, while working towards profitability and meeting its external debt obligations.
The company's shares experienced a decline of 3.9% in early trading following the announcement. The statutory net loss after tax for the fiscal year ending June 30 was A$307.3 million (US$220.03 million), a significant improvement from the previous year's loss of A$427.9 million.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Australia’s Star Entertainment warns tough conditions to persist after annual loss businesstimes.com.sg
- Why is Star Entertainment stock falling today? investing.com
