Star Entertainment posts wider loss as regulatory squeeze, carded play weigh
The embattled gaming group posted a fourth-quarter loss before interest, taxes, depreciation, and amortization of A$27 million ($17.58 million), compared with a loss of A$24 million in the prior quarter.
Star has been reeling from a series of regulatory inquiries into alleged breaches of anti-money laundering and counter-terrorism laws, coupled with a broader downturn in gaming revenue.
A recent move by the New South Wales government to ban cash transactions in casinos — though not in pubs and clubs — has further impacted the company's earnings potential.
The broader casino sector in Australia has yet to recover from the lasting effects of COVID-era lockdowns, border closures and now rising interest costs.
Star, in particular, has endured years of instability — marked by two Bell inquiries, the departure of its CEO and chairman, and a near-collapse that required urgent capital support.
On Wednesday, the company confirmed that its Sydney casino licence remains suspended. It plans to make a formal submission to the New South Wales Independent Casino Commission on August 31 as part of efforts to regain regulatory approval.
($1 = 1.5356 Australian dollars)
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