Star Entertainment Announces FY25 H1 Results, Discloses AU$302 Million Deficit
Loosened Up Version:
Hey there! Star Enta has spat out their overdue half-year financial report, breaking down the nitty-gritty details for the period ending December 31, 2024.
Here's the lowdown: the revenue, EBITDA, and statutory net profit after tax are all in the red. Looks like the company's been hit hard by some tough trading conditions and a dwindling market share.
Star Enta's financial report showed a staggering 25% drop in revenue to AU$650m, with a year-over-year comparison to H1 FY24 revealing a steep fall from AU$866m. Looks like casinos around The Star Sydney have felt the pinch since mandatory carded play and cash limits were implemented.
Diving a bit deeper, the EBITDA record for H1 FY25 shows a loss of AU$26m, down from the AU$114m reported for H1 FY24. And the statutory net profit after tax (NPAT) for H1 FY25? You guessed it—a loss of AU$302m, compared to the AU$9m win for H1 FY24.
Star Enta clarified that the revenue drop is due to "challenging trading conditions following casino reforms and further loss of market share." They did say they managed to score a previously announced AU$100m reduction in annualized costs, plans to build on this saving, and a few more opportunities to slash costs even further.
Oh, and in case you're wondering, Treasury Brisbane closed down on August 25, 2024, while The Star Brisbane kicked off its phased opening from August 29, 2024.
And now for the juicy bit—Star Enta has taken a money-off deal from Bally's Corporation. Bally's tabled an AU$300m bid earlier this year, and Star Enta gladly accepted the offer, nabbing themselves a 56.7% controlling stake. Star Enta already grabbed AU$100m on April 9, 2025, and another AU$200m is on the way once shareholders give it the green light.
Image credit: Pixabay
Bonus Facts:
Star Enta's financial woes? A mix of declining revenue, operational challenges, significant items, elevated operating costs, and less-than-ideal market and economic conditions. Plus, regulatory pressures might have taken their toll![4][5]
- Despite the challenging trading conditions and loss of market share, Star Enta managed to secure a AU$100m reduction in annualized costs.
- Star Enta's tough financial situation seems to be a result of declining revenue, operational challenges, significant items, elevated operating costs, less-than-ideal market and economic conditions, and potential impact from regulatory pressures.
- The gambling revenue of Star Enta reduced significantly by 25%, ending at AU$650m for the period ending December 31, 2024.
- Star Enta has agreed to refinance its business with Bally's Corporation, accepting a AU$300m bid and acquiring a 56.7% controlling stake, with further investments of AU$200m upon shareholder approval.
