-Australia’s Star Entertainment reported a narrower annual loss on Friday, helped by a reduced one-off cost, even as remediation costs and subdued patron spending continued to weigh on its performance.
The casino operator reported a statutory net loss after tax of A$471.5 million ($306.38 million) for the year ended June 30, compared to A$1.69 billion a year earlier.
The result fell short of the consensus estimate of a A$244.5 million loss, according to data from Visible Alpha.
The company’s lackluster performance highlighted ongoing regulatory challenges since 2021, with authorities investigating potential breaches of anti-money laundering and counter-terrorism financing laws.
Star said soft trading conditions persisted through July, particularly at its Star Sydney property, where the casino licence remains suspended until at least September 30.
Star Sydney, the firm’s flagship property, logged an operating loss of A$86.3 million.
($1 = 1.5389 Australian dollars)
(Reporting by Rajasik Mukherjee and Nikita Maria Jino in Bengaluru; Editing by Mohammed Safi Shamsi)
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source kfgo.com ’
