The Star Entertainment has sunk to a $198.6 million loss for the financial year due to east coast lockdowns pushing revenue and earnings down and costs linked to scrutiny of the scandal-plagued casino group, which is weeks away from learning if it can keep its NSW casino licence.
As the casino group also readies for public hearings of the Queensland probe to start on Tuesday, EBITDA fell 44 per cent to $239.1 million and revenue slid 1.2 per cent lower to $1.5 billion and in the 12 months to 30 June. mulls evidence that it hid a junket’s illegal cash cage from regulators and facilitated $900 million of banned gambling transactions via its China UnionPay scheme.
Star’s board and management team is in the midst of an overhaul. Incoming chief executive Robbie Cooke will start later this year, while the board is led in the interim by Ben Heap. “COVID-19 related disruptions and regulatory reviews have presented significant challenges,” Mr Heap said.