Star Entertainment Group narrowed its normalised EBITDA loss to $16m for the financial year ending June 2026, down from $76m a year earlier. Revenue fell from $1.125bn to $1.101bn.
Statutory net loss under GAAP dropped from $428m to $307m. Normalised loss after tax came to $159m, excluding $144m in significant items and $4m from discontinued operations.
Revenue stabilised in the June quarter after nearly two years of decline. In July, casino revenue at Star Sydney and Star Gold Coast rose 6% year-on-year and 8% against the April–June monthly average. Slots posted growth at both properties. Tables in Sydney remained weak, and non-gaming revenue fell as complimentary offerings increased. Star Brisbane generated $59.7m in management fees for the year; July revenue for Sydney and Gold Coast combined reached $92.4m.
The group is working through remediation after investigations exposed serious compliance and governance failures. It needs to regain the licence for Star Sydney and lift the suspended suspension on Star Gold Coast in Queensland. Bruce Mathieson Jnr became CEO in December following Bally's Corporation's $300m investment.
Star moved to a property-led operating model, cutting corporate costs by $75m over the year. Corporate expenses in the June quarter ran at $178m annualised, 38% below FY 2025. Monthly cash outflow in the first half averaged $20m. The company expects to begin accumulating cash in FY 2027.
Cash stood at $267m at 30 June, or $368m including deposits. In May the group refinanced debt through a $390m WhiteHawk Capital Partners facility running to May 2029, adding around A$130m in available liquidity. The first stage of the Brisbane JV deal closed in March, removing a $700m guarantee on Destination Brisbane Consortium debt. Stage two is expected by 31 March 2027. The company flagged material uncertainty over its ability to continue as a going concern, citing the pending AUSTRAC penalty, banking arrangements, licence conditions and debt covenants.
