Key facts
- Star Entertainment reported a statutory net loss after tax of A$307.3 million for the year ended June 30.
- The company warned that weak New South Wales table gaming revenue and a pending regulatory penalty would continue to impact its outlook.
- Star Entertainment completed refinancing its debt with a $390 million secured term loan from WhiteHawk.
- Former CEO Matthias Bekier received a six-year ban from managing companies and a A$700,000 fine.
- The casino operator reported a 6% increase in combined revenue for its Sydney and Gold Coast operations in July.
Star Entertainment, an Australian casino operator, reported a larger-than-expected annual net loss of A$307.3 million for the year ended June 30. The company warned that challenging trading conditions, including weak table gaming revenue in New South Wales and a pending regulatory penalty, would persist.
The company's financial performance is under pressure amid ongoing regulatory scrutiny over alleged breaches of anti-money laundering and counter-terrorism financing laws. The Australian Transaction Reports and Analysis Centre (AUSTRAC) has initiated civil proceedings against Star units.
Star Entertainment stated it is working to return to profitability, manage external debt, and respond to AUSTRAC's actions. Despite the overall loss, the company reported a 6% growth in combined revenue for its Sydney and Gold Coast operations in July, signaling a potential return to growth.
The company's financial difficulties have also impacted its former management. In June, former CEO Matthias Bekier was banned from managing companies for six years and fined A$700,000 for failing to manage money-laundering risks.
In May, Star Entertainment completed a debt refinancing, securing a $390 million loan from U.S.-based WhiteHawk, which increased its available liquidity by A$130 million. This followed a planned A$300 million investment in 2025 led by U.S. casino operator Bally's and the Mathieson family, Star's largest shareholder.