The Star Entertainment Group has posted a 4.6 per cent decline in net revenue for the third quarter of 2024 amid its New South Wales inquiry hearings getting underway today.
Revenues dropped from AU$439.5m to $419.2m, while gaming taxes and levies fell by 2.9 per cent in the quarter to $105m.
Normalised EBITDA dropped by 11.5 per cent to $37.9m.
The Star said its Sydney Premium Gaming Revenue was down by 19.3 per cent from Q3 2023, while The Star Gold Coast’s PGR revenue dropped by 20 per cent.
Treasury Brisbane’s PGR revenue was also down on the prior comparable period, by 28 per cent.
“Although the Main Gaming Floor revenue performance continues to perform strongly at all
properties with MGF revenue up 5.4 per cent at The Star Sydney, up 4.6 per cent at The Star Gold Coast and up 6.4 per cent at Treasury Brisbane, the drop in PGR revenue has seen total revenue across all three properties drop 4.6% on the PCP,” the company said.
The Star’s hearings relating to the inquiry by the New South Wales Independent Casino Commission also start on Monday.
“As the inquiry is ongoing, The Star does not consider it appropriate at this stage to comment on matters before the inquiry or any evidence which may be given,” it said.
“The Star will continue to cooperate with the inquiry.”
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