Australia’s Star Entertainment Group cited stabilized trading at The Star Sydney and seasonally stronger volumes at its Queensland casinos for a 5% quarter-on-quarter increase in revenue to AU$284 million (US$186 million) in the three months to 30 September 2025.
However, the company noted that trading remains at historic lows and operations are still loss making even with EBITDA loss narrowing from AU$27 million (US$17.7 million) in the June quarter to AU$13 million (US$8.5 million) through September. Group-wide revenue was also 19% lower than the same period last year, when revenues reached AU$351 million (US$230 million).
“Operating conditions remain challenging due to the impact of mandatory carded play and cash limits in NSW and stricter regulatory requirements across all properties,” Star explained.
By property, revenue at The Star Sydney was down 14% year-on-year but flat sequentially at AU$161 million (US$105 million) although EBITDA loss of AU$10 million (US$6.5 million) was improved from AU$21 million (US$13.7 million) a year ago and AU$14 million (US$9.2 million) in the June quarter.
The Star Gold Coast reported revenue of AU$105 million (US$68.7 million), down 3% year-on-year but 9% higher quarter-on-quarter, with Adjusted EBITDA of AU$6 million (US$3.9 million).
Star also reported a higher operator fee of AU$14 million (US$9.2 million) from The Star Brisbane parent Destination Consortium Brisbane – of which it holds a 50% stake – compared with AU$4 million (US$2.6 million) a year ago and AU$8 million (US$5.2 million) through June 2025.
However, it maintained that the group’s ability to continue as a going concern depends upon the outcome of various material uncertainties. These include that a looming AUSTRAC fine for historical AML failures is not “of such a magnitude, nor of such timing, that it would render the Group unable to pay its debts as and when they fall due”; that it continues to gain the support of existing lenders; that it receives regulatory approvals for the AU$300 million (US$198 million) strategic investment recently received from Bally’s Corp and Investment Holdings Pty Ltd; and that it completes its exit from the Destination Brisbane Consortium in a timely manner, among other factors.
Star said it had AU$168 million (US$110 million) in available cash as of 30 September 2025, down from AU$234 million (US$153 million) at 30 June after paying AU$61 million (US$39.9 million) of a senior credit facility – although it has since received the final AU$67 million (US$43.8 million) tranche of the AU$300 million Bally’s investment.
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