{"id":245,"date":"2024-06-25T19:05:52","date_gmt":"2024-06-25T16:05:52","guid":{"rendered":"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/"},"modified":"2024-06-25T19:05:52","modified_gmt":"2024-06-25T16:05:52","slug":"star-entertainment-group-reports-2-4-billion-loss","status":"publish","type":"post","link":"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/","title":{"rendered":"Star Entertainment Group Reports $2.4 Billion Loss"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/JVIHYXApLiM\"\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 reported a staggering $2.4 billion Australian dollar (US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) deficit for the fiscal year concluding on June 30, 2023. This substantial loss is largely attributed to a reduction in the valuation of the company&#8217;s gambling establishments in Sydney, Gold Coast, and Brisbane.<\/p>\n<p>Star Entertainment has encountered a string of fines and penalties in recent times. The company documented &#8220;significant items&#8221; expenditures of $2.8 billion Australian dollars for the fiscal year ending June 30, 2023.<\/p>\n<p>This encompasses a non-cash impairment of $2.2 billion Australian dollars to the intangible assets and property value of its holdings in Sydney, Gold Coast, and Brisbane. Furthermore, the company recorded $595 million Australian dollars in regulatory and legal costs, $54 million Australian dollars in debt restructuring expenses, and $16 million Australian dollars in personnel reduction costs.<\/p>\n<p>These expenditures counterbalanced the increasing $317 million Australian dollars in earnings before interest, taxes, depreciation, and amortization (EBITDA), ultimately leading to a $2.4 billion Australian dollar after-tax loss.<\/p>\n<p>In the fiscal year ending June 30, 2023, Star Entertainment confronted a series of difficulties related to anti-money laundering and social responsibility infractions, primarily linked to Chinese gambling operators. These include potential penalties from the Australian Transaction Reports and Analysis Centre (AUSTRAC), four class-action lawsuits, and two suspended state casino licenses in New South Wales and Queensland.<\/p>\n<p>Following a challenging year, Star Entertainment is actively working to overcome its obstacles. <\/p>\n<p>Robbie Cooke, the chief executive and head of Star Entertainment Group, stated: &#8220;To call the past year difficult is a significant understatement of what Star Entertainment has truly encountered over the past twelve months.<\/p>\n<p>&#8220;The effects of a damaged social permit are felt daily at numerous levels within the team, emphasizing the necessity to comprehend the advantage and duty that accompany possessing a casino license.&#8221;<\/p>\n<p>Cooke informed investors on a conference call that the organization was no longer contemplating selling its Sydney property after the New South Wales government recently decided to reduce proposed tax hikes. This announcement followed the release of its financial results.<\/p>\n<p>**Income Increases Following Pandemic Restrictions**<\/p>\n<p>Star Entertainment Group&#8217;s total income for the 2023 fiscal year increased by 22% to A$1.9 billion, a figure influenced by COVID-19 restrictions in the previous year.<\/p>\n<p>Sydney income climbed 26.5% year-over-year, with electronic gaming devices rising 30%, table games increasing 19%, and non-gaming income rising 49%. Income was affected by the upgraded restrictions in mid-September 2022, which led to an increase in excluded patrons. It also faced intense competition from the nearby Crown Resorts.<\/p>\n<p>Star Entertainment Group&#8217;s Gold Coast income rose by 20% year-over-year. Electronic gaming devices were up 9%, table games were up 7%, and non-gaming income was up 52%.<\/p>\n<p>The Star Gold Coast had a strong beginning, benefiting from a surge in domestic travel and consumer spending after the pandemic, as well as the return of conference business. <\/p>\n<p>##  Global Travel Rivalry Affects Local Tourism<\/p>\n<p>Although international travel has seen a resurgence, Star Entertainment Group experienced a downturn in performance during the second half of fiscal year 2023. This decline was attributed to heightened competition from domestic tourism. Stringent regulations resulted in an upsurge in customer rejections.<\/p>\n<p>Brisbane&#8217;s income rose by 15% annually, with electronic gaming machines showing a 17% increase, table games a 8% rise, and non-gaming revenue a 34% jump.<\/p>\n<p>Star Entertainment Group reported statutory EBITDA, excluding any significant items, slightly exceeding prior forecasts. The total reached A$317 million, representing an increase of A$79 million.<\/p>\n<p>##  AUSTRAC Legal Matters Ongoing<\/p>\n<p>Star Entertainment Group is still awaiting the outcome of legal proceedings initiated by AUSTRAC concerning alleged violations of anti-money laundering and counter-terrorism laws. The company has allocated provisions for a potential fine of A$150 million. Its rival, Crown Resorts, agreed to a regulatory settlement of A$450 million.<\/p>\n<p>CEO Cooke stated, &#8220;As a team, we are committed to regaining the trust and confidence of our community, including our regulatory bodies, governments, investors, employees, and patrons.<\/p>\n<p>&#8220;We fully comprehend the responsibilities associated with holding our licenses and are dedicated to transforming our leadership and culture. This journey has commenced, and we recognize that much work remains to be done.&#8221;<\/p>\n<p>Cooke characterized the remediation as a &#8220;top priority&#8221; for Star Entertainment Group entering fiscal year 2024. This will involve a substantial increase in resources dedicated to AML. <\/p>\n<p>The top leadership and governing body will be making staff adjustments and putting into effect a complete revamp of internal regulations.<\/p>\n<p>\u201cWe have begun to bolster our risk management, responsible gaming, and anti-money laundering capacities, and have started to establish stronger accountability and more robust oversight. We are investing in reinforcing our control environment and are putting these controls into practice and making them an integral part of our operations.\u201d<\/p>\n<p>He further stated: \u201cWe are enhancing financial crime management and our overall approach to minimizing harm.<\/p>\n<p>\u201cOur corrective action plan will monitor and hold us accountable for our multi-year strategy that we are dedicated to delivering.\u201d<\/p>\n<p>Sign up for the iGaming news bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Australian entertainment behemoth, Star Entertainment Group, has reported a staggering $2.4 billion Australian dollar (US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) deficit for the fiscal year concluding on June 30, 2023. This substantial loss is largely attributed to a reduction in the valuation of the company&#8217;s gambling establishments in Sydney, Gold Coast, and Brisbane. Star Entertainment has [&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, faces a massive $2.4 billion deficit due to asset devaluation and regulatory fines.\" 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:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-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 Loss\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Australian entertainment giant, Star Entertainment Group, faces a massive $2.4 billion deficit due to asset devaluation and regulatory fines.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Where Casino Dreams Come True | Licensed Online Gaming Platform\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-25T16:05:52+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:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/\",\"url\":\"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/\",\"name\":\"Star Entertainment Group Reports $2.4 Billion Loss\",\"isPartOf\":{\"@id\":\"https:\/\/nodepositbonuscasino.icu\/#website\"},\"datePublished\":\"2024-06-25T16:05:52+00:00\",\"dateModified\":\"2024-06-25T16:05:52+00:00\",\"author\":{\"@id\":\"https:\/\/nodepositbonuscasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Australian entertainment giant, Star Entertainment Group, faces a massive $2.4 billion deficit due to asset devaluation and regulatory fines.\",\"breadcrumb\":{\"@id\":\"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nodepositbonuscasino.icu\/2024\/06\/25\/star-entertainment-group-reports-2-4-billion-loss\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/nodepositbonuscasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Group Reports $2.4 Billion Loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nodepositbonuscasino.icu\/#website\",\"url\":\"https:\/\/nodepositbonuscasino.icu\/\",\"name\":\"Where Casino Dreams Come True | Licensed Online Gaming Platform\",\"description\":\"Explore the latest trends and insights in the online gambling industry through our up-to-date news, honest reviews, and expert articles. 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