{"id":247,"date":"2024-06-25T23:22:59","date_gmt":"2024-06-25T20:22:59","guid":{"rendered":"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/"},"modified":"2024-06-25T23:22:59","modified_gmt":"2024-06-25T20:22:59","slug":"star-entertainment-group-reports-2-4-billion-annual-loss","status":"publish","type":"post","link":"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/","title":{"rendered":"Star Entertainment Group Reports $2.4 Billion Annual Loss"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/NLypiQlLgyU\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Australian entertainment behemoth, Star Entertainment Group, has revealed a staggering $2.4 billion (US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) annual deficit for the fiscal year concluding on June 30, 2023. This substantial loss was primarily attributed to significant write-downs on the valuation of its gambling establishments in Sydney, Gold Coast, and Brisbane.<\/p>\n<p>The company disclosed that it invested a substantial $2.8 billion in &#8220;major endeavors&#8221; throughout the year, encompassing a $2.2 billion non-cash impairment charge on goodwill and property assets associated with its Sydney, Gold Coast, and Brisbane casino holdings. Furthermore, the company incurred substantial expenses, including $595 million in regulatory and legal costs, $54 million in debt restructuring costs, and $16 million in redundancy costs.<\/p>\n<p>These substantial expenditures offset a $317 million increase in EBITDA, resulting in a $2.4 billion after-tax loss.<\/p>\n<p>In recent times, Star Entertainment has encountered significant challenges related to anti-money laundering and social responsibility shortcomings, primarily linked to Chinese gambling operators. These challenges encompass potential AUSTRAC penalties, four class-action lawsuits, and two suspended state-level casino licenses in New South Wales and Queensland.<\/p>\n<p>Star Entertainment has navigated a turbulent period and is actively striving to regain its footing. <\/p>\n<p>Robbie Cook, the chief executive and managing director of Star Entertainment Group, stated: &#8220;To say the past year has been difficult is a complete understatement of what Star Entertainment has endured over the past 12 months.<\/p>\n<p>&#8220;The effect of the decline in social approval has affected team members on multiple levels every day, and this further highlights the need to comprehend the privilege and responsibility that comes with holding a casino license.&#8221;<\/p>\n<p>Cook informed investors on a conference call following the release of its financial results that the group was no longer contemplating selling its Sydney property after the New South Wales government recently decided to reduce proposed tax increases.<\/p>\n<p>Income increased after COVID-19 restrictions ended<br \/>\nStar Entertainment Group&#8217;s total income increased by 22% to A$1.9 billion in fiscal 2023, a figure that was influenced by COVID-19 restrictions last year.<\/p>\n<p>Sydney revenue surged by 26.5% year-on-year, with electronic gaming machines up 30%, table games up 19% and non-gaming income up 49%. Revenue was affected by the tightening of restrictions from mid-September 2022, resulting in an increase in excluded patrons. It also faced intense competition from nearby Crown Resorts.<\/p>\n<p>Star Entertainment Group&#8217;s Gold Coast income rose by 20% year-on-year. Electronic gaming machines were up 9%, table games up 7% and non-gaming income up 52%.<\/p>\n<p>Star Entertainment Gold Coast had a strong start, benefiting from a surge in domestic tourism and consumer spending after COVID-19, as well as the return of conference business. <\/p>\n<p>External travel and local vacation rivalry resulted in a decrease in the second half of fiscal year 2023 performance. Stringent regulatory actions led to an increase in the number of visitors being refused entry.<\/p>\n<p>Brisbane&#8217;s income grew by 15% annually, electronic gaming machine income rose by 17%, table income increased by 8%, and non-gaming income grew by 34%.<\/p>\n<p>The report issued by Star Entertainment Group indicated that statutory EBITDA, excluding any significant items, was slightly higher than anticipated. The total was A$317 million, an increase of A$79 million from the previous year.<\/p>\n<p>Star Entertainment Group is currently waiting for the outcome of a legal action by the Australian Transaction Reports and Analysis Centre (AUSTRAC) regarding alleged violations of anti-money laundering and counter-terrorism laws. The company has set aside provisions for a A$150 million penalty. Its competitor Crown Resorts has reached a A$450 million settlement with the regulatory body.<\/p>\n<p>CEO Cook stated: &#8220;As a group, we are determined to regain the trust and confidence of our community, including regulators, government, investors, employees, and guests.&#8221;<\/p>\n<p>&#8220;We fully acknowledge the responsibilities that come with holding a license and are dedicated to changing our leadership and culture. This journey has started, and we know there is much work to be done.&#8221;<\/p>\n<p>Cook described the overhaul as Star Entertainment Group&#8217;s &#8220;top priority&#8221; heading into fiscal year 2024. This will include a significant increase in resources for anti-money laundering. <\/p>\n<p>The organization is implementing adjustments to its personnel and internal oversight. They are enhancing their risk mitigation, accountable gaming, and anti-money laundering procedures. They are also establishing more robust accountability and governance frameworks. The company is investing in fortifying its control environment and integrating these controls into its daily operations. They are also refining their financial crime management and harm reduction strategy. The organization has a multi-year plan to address these matters and will be held responsible for its progress. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian entertainment behemoth, Star Entertainment Group, has revealed a staggering $2.4 billion (US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) annual deficit for the fiscal year concluding on June 30, 2023. This substantial loss was primarily attributed to significant write-downs on the valuation of its gambling establishments in Sydney, Gold Coast, and Brisbane. The company disclosed that it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Star Entertainment Group Reports $2.4 Billion Loss<\/title>\n<meta name=\"description\" content=\"Australian entertainment giant, Star Entertainment Group, reveals a massive $2.4 billion annual deficit, primarily due to write-downs on its gambling assets.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Star Entertainment Group Reports $2.4 Billion Annual Loss\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Australian entertainment giant, Star Entertainment Group, reveals a massive $2.4 billion annual deficit, primarily due to write-downs on its gambling assets.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay Ahead of the Game with Our Licensed Online Casino News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T20:22:59+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/\",\"url\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/\",\"name\":\"Star Entertainment Group Reports $2.4 Billion Loss\",\"isPartOf\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#website\"},\"datePublished\":\"2024-06-25T20:22:59+00:00\",\"dateModified\":\"2024-06-25T20:22:59+00:00\",\"author\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Australian entertainment giant, Star Entertainment Group, reveals a massive $2.4 billion annual deficit, primarily due to write-downs on its gambling assets.\",\"breadcrumb\":{\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-annual-loss\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/freecashnodepositcasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Group Reports $2.4 Billion Annual Loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/freecashnodepositcasino.icu\/#website\",\"url\":\"https:\/\/freecashnodepositcasino.icu\/\",\"name\":\"Stay Ahead of the Game with Our Licensed Online Casino News\",\"description\":\"Stay informed and maximize your gambling experience with our fresh casino news, detailed reviews, and expert insights. 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