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The embattled Star Entertainment Group has posted nearly $1.3 billion in losses after the casino giant faced a turbulent six months of damning regulatory inquiries and potential crackdowns on gambling policies.
The Star saw a net loss of $1.26 billion following the torrid impacts of two scathing inquiries into its casinos in New South Wales and Queensland.
But the company also announced $800 million in equity raising to steady the turbulence seen in the half-yearly results.
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If equity raising is completed, then covenant relief will be secured for the group from both bank lenders and noteholders – who are owed $1.1 billion – through to June 2025.
The Gold Coast casino recorded stronger revenue and was up by 30 per cent on pre-COVID-19 levels which is its highest yield on record.
The Gold Coast casino brought in $276 million in gross revenue and a profit of $66 million.
However, the Star in Sydney was down 14 per cent on pre-COVID-19 levels.
The venue recorded $541 million in gross revenue and $87 million in profits.
"Queensland properties performed strongly throughout the period and achieved record domestic revenues, however, The Star Sydney was impacted by regulatory-driven operational changes and increased competition," the company said.
The financial hit on the Sydney casino was further accentuated by the New South Wales government's proposal to reform poker machines by introducing cashless cards.
It was also plagued by the NSW treasurer's decision to raise casino taxes on the Star Entertainment Group.
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Star group CEO and managing director Robbie Cooke said the company will continue to work with the Sydney and Queensland casinos to return the venues to "suitability".
"Our key priority is to regain the trust and confidence of our community and remonstrate to our regulators that we are suitable to hold our casino licences," Cooke said.
"To that end, we continue to support the NSW Premier's industry-wide initiatives around cashless gaming and improved harm minimisation."
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Source: 9News
