Star Entertainment ‘unlikely’ to finalise exit from Queen’s Wharf in July
Make us a preferred source
Make us a preferred source on Google
The news: Star Entertainment has reported another quarter of earnings losses amid a challenging operating environment.
The casino operator also warned it is unlikely to finalise an exit from its interest in Queen's Wharf casino and entertainment complex by the 31 July deadline.
The numbers: In the fourth quarter of financial year 2025, Star posted an EBITDA loss of $27 million before accounting for significant items, which will be disclosed in the full-year results. This was a steeper loss than the $24 million hit in the preceding quarter.
At 30 June 2025, Star had $234 million in cash and $269 million when including cash equivalents. This is an improvement on the $44 million in cash holdings held at 31 March 2025.
The context: The casino operator said its continued soft performance is partly due to the impact of "mandatory carded play and cash limits in NSW and stricter regulatory requirements across all properties".
It also reiterated a previous warning that there are material uncertainties regarding the company’s ability to continue.
Star continues to negotiate with joint venture partners Hong Kong-based Chow Tai Fook Enterprises and Far East Consortium to exit its interest in the Queen's Wharf casino and entertainment complex in Brisbane.
However, the casino operator believes “it is unlikely that the parties will be in a position to finalise long form documents” by the 31 July deadline.
Unless another extension is agreed too, the Star will be obliged to pay roughly $36.5 million to the joint venture partners.
The source: ASX
