Challenging Trading Conditions Hurt Star Entertainment Annual Revenue

(RTTNews) – Star Entertainment Group Limited (SETY.PK), an Australian gambling and entertainment company, on Thursday reported a decline in revenue for the full year, reflecting challenging trading conditions due to cost of living pressures as well as casino operating reforms, and loss of market share.

For the 12-month period, the Group posted a net loss of A$1.685 billion, narrower than a loss of A$2.435 billion, register last year.

Normalized earnings stood at A$12 million, lower than A$41 million in 2023.

There was a decline in special items, net of tax, of A$1.697 billion from prior year’s A$2.477 billion.

This mainly reflects a non-cash impairment charge of A$1.44 billion, which arisen from the impact of challenging trading conditions as well as various recent and upcoming regulatory changes which are expected to negatively impact the earnings.

Depreciation and amortization decreased by 38 percent, year-on-year basis, to A$75 million, primarily reflecting the reduced asset base following prior year impairments.

EBIT decreased to A$54 million from previous year’s A$122 million.

EBITDA was A$175 million for the period, compared with A$317 million a year ago.

Revenue slipped to A$1.678 billion from last year’s A$1.868 billion.

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