The Star Entertainment Group Reports Stable Performance and Strategic Advances in H1 FY24
The Star Entertainment Group has unveiled its financial results for the first half of the fiscal year 2024 (H1 FY24), showcasing revenue and earnings that align with the previous quarter’s performance and the projections shared during the Annual General Meeting.
The group reported a normalised EBITDA of $114 million and a net profit after tax (before significant items) of $25 million, with trading in January 2024 mirroring the H1 FY24 outcomes.
Strategic Developments and Remediation Efforts
The period saw significant progress in remediation efforts, including the approval of the Remediation Plan in Queensland, and the resolution of proposed NSW casino duty rate uncertainties, safeguarding numerous jobs at the Sydney establishment. The group also completed debt refinancing and equity raising, improving its financial standing with new debt terms favourable to The Star.
Looking ahead to the second half of FY24, The Star is dedicated to executing its Remediation Plan, demonstrating its commitment to regulatory compliance and suitability restoration. Operational enhancements, competitive market management, and major project developments, particularly the Queen’s Wharf Brisbane, are among the key focus areas.
Leadership Commentary
Robbie Cooke, Group CEO and Managing Director, expressed satisfaction with the milestones achieved amidst a challenging regulatory landscape. He highlighted the group’s strengthened balance sheet through successful capital raising and debt refinancing, along with the settlement of litigation with Multiplex, facilitating the focus on the Queen’s Wharf Brisbane project.
Cooke reaffirmed the group’s dedication to remediation and risk management enhancement, aiming to restore suitability and trust. He also underscored the group’s commitment to ethical and responsible entertainment and gaming experiences, aligning with the strategic ‘North Star’ vision.
Our Comment on the Article
The Star Entertainment Group’s H1 FY24 results reflect resilience and strategic foresight in navigating the complex regulatory environment and competitive market dynamics. The group’s emphasis on remediation and regulatory compliance, coupled with operational optimisation and major project advancements, positions it for sustainable growth and suitability restoration. As The Star continues its journey towards operational excellence and ethical business practices, its proactive approach to challenges and opportunities will be crucial in shaping its future trajectory and stakeholder value creation.
