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Strong VIP boosts Star FY18 results

Australia-listed Star Entertainment Group saw a 6.1 percent increase in gross revenue for the 2018 financial year, reaching A$2.5 billion.

Net profit after tax fell 44 percent year-on-year to A$148.1 million, while EBITDA fell 19.2 percent to A$484 million.

Star chairman John O’Neill said the growth in revenue was attributed to operational improvements across the group, and early performance benefits from new and upgraded assets at the Gold Coast and Sydney properties.

Normalized gross revenue in Sydney increased 17.5 percent year-on-year to $1.9 billion supported by strong growth in slots, non-gaming and VIP business.

Queensland normalized gross revenue increased by 10.5 percent to A$820 million, with gross recorded in all business segments.

The company also noted strong growth in its international VIP rebate business from all customer segments, with VIP turnover up 54.3 percent to A$61.2 billion.

Looking at the first few weeks of FY19, the company has it has seen an improvement in domestic revenue growth trends from FY18, with VIP volumes continuing to shine.

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