{"id":1985926,"date":"2025-08-29T02:27:24","date_gmt":"2025-08-29T02:27:24","guid":{"rendered":"https:\/\/celebrity.land\/en\/?p=1985926"},"modified":"2025-08-29T02:27:24","modified_gmt":"2025-08-29T02:27:24","slug":"star-entertainments-eye-watering-loss","status":"publish","type":"post","link":"https:\/\/celebrity.land\/en\/star-entertainments-eye-watering-loss\/","title":{"rendered":"Star Entertainment\u2019s eye-watering loss"},"content":{"rendered":"

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Star has announced eye-watering losses. Picture: NewsWire \/ Glenn Campbell <\/figcaption><\/figure>\n

Embattled casino operator Star Entertainment has announced an eye-watering profit loss as the business\u2019s woes continue.<\/p>\n

In its latest earnings update Star Entertainment told the market that it lost $471.5m for the 12-months until June 30.<\/p>\n

Losses after significant items came in at $212.4m.<\/p>\n

The casino has $189m in available cash as of Monday, $45m less than it had as of June 30, although that is partly due to paying $16m in back taxes.<\/p>\n

The business also flagged group revenue declined 29 per cent to $1.18bn on the back of plummeting gaming revenue.<\/p>\n

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\"STAR<\/div>\n<\/div>
Star has announced eye-watering losses. Picture: NewsWire \/ Glenn Campbell <\/figcaption><\/figure>\n

Star Entertainment cited regulatory reforms, ongoing remediation costs, loss of market share and the closure of the Treasury Brisbane Casino as factors behind its falling revenue.<\/p>\n

Group chief executive and managing director Steve McCann said the company needed numerous things to go in its favour if it was to survive.<\/p>\n

\u201cOur announcement today highlights a number of key interdependencies that are critical to the<\/p>\n

group\u2019s future,\u201d he said.<\/p>\n

\u201cWithout that support it will be difficult to navigate the various challenges facing the group and to create a sustainable future for the business.\u201d<\/p>\n

On Wednesday, Star Entertainment confirmed the backers of a $430m loan had not granted waivers that would allow the business to breach the terms of its debt.<\/p>\n

A waiver grants a company the freedom to breach those terms without penalty.<\/p>\n

Star\u2019s lenders include Washington H Soul Pattinson, Macquarie and Deutsche Bank.<\/p>\n

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\"Star<\/div>\n<\/div>
Star Entertainment said it had $189m in the bank. Picture: NewsWire \/ Nicholas Eagar <\/figcaption><\/figure>\n

These include a $300m bailout from US casino operator Bally\u2019s, which has made its speciality picking up \u201cdistressed\u201d casinos.<\/p>\n

Star Entertainment has relied on lifelines after a money-laundering scandal led to a $400m AUSTRAC fine.<\/p>\n

US casino giant Bally\u2019s lobbed a $300m takeover bid for majority control of Star in April.<\/p>\n

Bally\u2019s chief executive Soo Kim said his company was prepared to \u201cinvest significant time and resources\u201d to return Star to \u201cprofitability and sustainability\u201d.<\/p>\n

Bally\u2019s operates 19 resorts and casinos across the US, including casinos in gaming meccas Las Vegas and Atlantic City.<\/p>\n

Star\u2019s board backs Bally\u2019s proposal, but it must receive shareholder and regulatory approval.<\/p>\n<\/p><\/div>\n

\u2018 The preceding article may include information circulated by third parties \u2019 <\/em><\/p>\n

\u2018 Some details of this article were extracted from the following source au.finance.yahoo.com \u2019 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Star has announced eye-watering losses. Picture: NewsWire \/ Glenn Campbell Embattled casino operator Star Entertainment has announced an eye-watering profit loss as the business\u2019s woes continue. In its latest earnings update Star Entertainment told the market that it lost $471.5m for the 12-months until June 30. Losses after significant items came in at $212.4m. The […]<\/p>\n","protected":false},"author":2,"featured_media":1985927,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"footnotes":""},"categories":[25172],"tags":[357513,22111],"class_list":["post-1985926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-glenn-campbell","tag-star"],"jetpack_featured_media_url":"https:\/\/celebrity.land\/en\/wp-content\/uploads\/2025\/08\/Star-Entertainments-eye-watering-loss.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts\/1985926","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/comments?post=1985926"}],"version-history":[{"count":0,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts\/1985926\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/media\/1985927"}],"wp:attachment":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/media?parent=1985926"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/categories?post=1985926"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/tags?post=1985926"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}