The Star Entertainment Group (The Star) published its delayed half-year results on Tuesday after missing its February 28 deadline.
The Australian casino operators reported a net loss of $302m, compared with a $9m profit during the same period in 2024.
Revenue in the six months to 31 December 2024 was also 25 per cent lower than the prior corresponding period at $650m.
The company told investors the loss was a result of challenging trading conditions which included casino operating reforms like mandatory carded play and cash limits at The Star Sydney and continued loss of market share.
The Star also pointed to competition in hospitality as a factor affecting results.
“The Star continues to be impacted by an uneven competitive environment with pubs and clubs, which continues to negatively impact on operating performance,” said the company in its ASX announcement.
The results come as American gaming giant Bally’s Corporation offered the company a $300m strategic investment lifeline, consisting of $100m received by Star on 9 April and an additional $200m which is subject to shareholder approval in June.
Despite the investment, the results announcement repeated to investors that, “there remains material uncertainty regarding the group’s ability to continue as a going concern”.
The Star revealed that it had $98m in cash on 11 April and pointed to the key initiatives needed to maintain cash flow moving forward.
These include Bally’s complete $300m strategic investment, securing access to $60m raised from the sale of The Star Sydney Event Centre and associated spaces, and the sale of its 50 per cent stake in The Star Brisbane to joint venture partners Chow Tai Fook Enterprises and Far East Consortium International.
Shares in the company will also return to trade on the ASX today, following suspension due to failure to meet the reporting deadline.
