Australia’s Star Entertainment Group has revoked its usual policy of paying out a minimum of 70% of normalized profits after tax to shareholders, revealing it won’t pay a final dividend for the year ending 30 June 2020.
The decision comes in response to the global COVID-19 pandemic, which has seen the company’s three Australian casinos – The Star Sydney, The Star Gold Coast and Treasury in Brisbane – closed indefinitely as part of the federal government’s health measures.
Star Entertainment Group revealed on Tuesday that it will also defer payment of the dividend for 1H20 from 1 April 2020 to 2 July 2020.
The company had previously announced that it has stood down 90% of its workforce and slashed directors’ fees and salaries as it tries to limit the financial damage from the suspension of its operations.
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