Star Entertainment posts 12% drop in Q3 revenue as refinancing deadline looms
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The news: Embattled casino owner Star Entertainment Group has reported a 12% drop in revenue for the third quarter, to $266 million, compared to the previous quarter, citing seasonal weakness and lower visitation levels in its Sydney division.
The numbers: In the three months to March, the group reported an earnings before interest and tax loss of $1 million, a major improvement from the $24 million loss in the previous corresponding period.
The Star had $90 million in available cash as of 31 March, down from $130 million in the December quarter.
The context: The group said the decline in the third-quarter revenue was largely driven by softness in table games at the Sydney casino. Since the mandate of $5,000 daily cash limits was implemented in October 2024, Star said average daily revenue has declined by 20%.
This also follows the group entering a refinancing agreement with WhiteHawk last month, adding that it is working “expeditiously” to complete the refinancing no later than 15 May.
The source: ASX
