The Star’s remediation progresses in 1H FY24 results

The Star Entertainment Group has continued to progress on remediation through the six-month period ending December 31, 2023, it has reported in its financial results.

The period brought a net revenue of AU$865.7m, down 14.6 per cent from $1.01bn year-on-year, and a statutory net profit of $9.1m, up from a $1.3bn loss year-on-year.

Normalised EBITDA was $114m with net profit after tax (before significant items) of $25m.

The period had brought other significant developments for the company, including the sale of Sheraton Grand Mirage, generating proceeds of $56m, and the completion of debt refinancing an equity raising, with all existing debt cancelled and new debt secured on more favourable terms for The Star.

“While the group continues to operate in a challenging regulatory environment, The Star has achieved a number of significant milestones in the period,” said group CEO and managing director, Robbie Cooke. “The group’s remediation plan was approved in Queensland. The resolution of the proposed increase to NSW casino duty rates has removed significant uncertainty for our Sydney property and has protected thousands of jobs for our team members in New South Wales.

“We have strengthened our balance sheet with the successful raising of $750m of additional equity and $450m in new debt facilities. Importantly also, our Queen’s Wharf Brisbane joint venture settled the outstanding litigation with Multiplex – removing considerable uncertainty and distraction enabling the project team to focus solely on the delivery of this transformational precinct that will showcase Brisbane to locals as well as interstate and international visitors.”