The Star Entertainment Group in US 53m loss for six months ending 31 December 2021

The Star Entertainment Group has reported a net loss of AU$74m (US$53

The Star Entertainment Group has reported a network red ink of AU$74m (US$53.2m) for the sextuplet months ending 31 Dec 2021.

The group’s venues were intemperately wedged by restrictions related to to Covid-19. Group-wide revenue drop 22% to AU$580m.

The Star Sydney reported AU$239m in revenue for the period, pull down 39% from the prior-year period, with an EBITDA red of AU$25m. The keep company did note, however, that revenue climbed 28% upon reopening on 11 Oct 2021.

The Star Gold Coast reported revenue of AU$180m, up 5% from the prior-year period, with EBITDA falling 50% to AU$26m.

And inward Brisbane, revenue felled seam by 11% to AU$161m, with Earnings Before Interest Taxes Depreciation and Amortization downwardly 57% to AU$29m.

The mathematical group also noted its priorities for the year ahead, to wit that it testament proceed to to the full co-operate with the Aussie Transaction Reports and Analysis Centre (AUSTRAC) inward telling to its requests for selective information and documents regarding the investigating into the operator.

The Star is also focusing on the Independent Liquor & Gaming Authority (ILGA) Review, with the describe to the authorisation expected past 30 June 2022.

“The group continued executing its strategy swell in the setting of the extraordinary Covid-19 related challenges,” said The Star Entertainment Group Chairman St. John the Apostle O’Neill AO. “The fundamental earnings prospects for The Star’s domestic business sector remain attractive.

“They are underpinned by worthful long-term licences inwards compelling locations spell the transformation of our properties into globally competitory structured resorts is nearing completion.

“The Star remains committed to maintaining a equilibrize mainsheet that positions the chemical group for the post-Covid-19 recovery.”