Daily Asia Gaming eBrief: The Star fiscal year loss narrows

Friday 27th of September 2024

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Good morning. Losses in the stars. The Star Entertainment Group has reported a net loss of nearly AU$1.69 billion ($1.16 billion) for the fiscal year ending June 30, primarily due to reduced venue valuations in light of challenging trading conditions and regulatory changes. Nearby, SkyCity Entertainment Group has confirmed it has been penalized NZ$4.16 million ($2.6 million) for historical breaches of anti-money laundering and terrorism financing obligations.

What you need to know

The Star Entertainment reports a $1.16 billion loss, exploring asset sales and cost-saving measures amid regulatory challenges.
SkyCity Entertainment was ordered to pay $2.6 million for historic AML failings by the New Zealand High Court within 15 days.

On the radar

NSW regulator reports 93% compliance in gaming harm measures.
International Entertainment reports a $17M loss despite gaming revenue growth.
Macau August hotel guest numbers near pre-pandemic levels.
Mohegan secured notes reach highest price since early 2022.

AGB Intelligence

RESULTS

The Star Entertainment, Sydney, Australia_

Regulatory scrutiny continues as The Star announces $1.16B loss

The Star Entertainment Group reported a net loss of nearly AU$1.69 billion (US$1.16 billion) for the fiscal year ending June 30. Although this figure is better than last year’s AU$2.44 billion (US$1.68 billion) loss, the Australian casino operator is still facing cash flow issues and is considering selling some assets to raise funds. The group has been under strong regulatory scrutiny for its corporate governance and has noted a decline in trading performance.

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