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Australian casino operator Star Entertainment Group reported a narrower first-quarter loss, supported by improved performance across its operations, even as investor concerns about its financial stability persist. For the three months ended September 30, the company posted a loss before interest, taxes, depreciation, and amortization (EBITDA) of A$13 million ($8.45 million), a notable improvement from the A$27 million loss recorded in the previous quarter. Following the announcement, Star’s shares rose 3.4% to A$0.091 as of 0030 GMT.
The company credited stabilised trading in Sydney, stronger seasonal volumes on the Gold Coast, and an increased operator fee from The Star Brisbane for the improved results. However, Star Sydney’s trading levels remain historically low, reflecting ongoing operational headwinds. The casino giant highlighted the impact of mandatory carded play, cash limits in New South Wales, and stricter regulatory requirements across its properties as key factors constraining performance.
Adding to its challenges, Star Entertainment warned that the pending judgment from the Australian Transaction Reports and Analysis Centre (AUSTRAC) could significantly affect its capital management strategy. The financial crimes regulator launched a civil lawsuit in 2022, alleging non-compliance with anti-money laundering and counter-terrorism financing laws. Reports suggest AUSTRAC may seek a penalty of around A$400 million, further straining the company’s already fragile financial position.
Over recent years, Star has been rocked by multiple regulatory investigations involving allegations of money laundering and corporate misconduct. Despite receiving temporary loan packages and covenant waivers to avert bankruptcy, the group’s liquid cash reserves fell to A$168 million at the end of September, down from A$234 million three months earlier. The embattled casino operator continues to battle for survival amid intensifying financial and regulatory pressures.
