Home The Star Entertainment revenue drops 15% from previous quarter as uncertainty looms

The Star Entertainment revenue drops 15% from previous quarter as uncertainty looms

The Australian gambling company ‘The Star Entertainment’ has warned of financial uncertainty as its revenue is down amidst “continued weakness in the operating performance.”

In a quarterly activities report, detailing the insights for the second quarter ending 31 December 2024, the company states that Q2 FY25 revenue is down 15% compared to Q1.

The revenue for the quarter was AU$299M (roughly $186.94M in USD) which shows a decline from the previous quarter which had revenue of AU$351M.

The company is Australia’s biggest listed casino group and it was founded in 2011 when it was formerly known as Echo Entertainment.

“The results for the period reflect continued weakness in the operating performance of the Group due to the ongoing challenging consumer environment, the impact of mandatory carded play and cash limits in NSW, and costs associated with ongoing remediation activities.”

Revenue is down again for The Star Entertainment

The group revenue being down 15% compared to the previous quarter is said to have been “due to the closure of Treasury Brisbane Casino, continued softness at The Star Sydney following the implementation of mandatory carded play and cash limits.”

The operating expenses of the company are down too as they see lower corporate costs, reduced activity, and the closure of the Treasury Brisbane casino. The casino was permanently closed on 25 August 2024.

It was only last week when The Star Entertainment brought in safe harbour provisions to protect the directors from potential insolvency trading liability.

The report also states the operator is looking at other liquidity solutions due to its “ongoing financial and liquidity challenges.”

The gambling and entertainment company writes: “While discussions continue with respect to a range of different solutions, there is no certainty that any of these negotiations will result in one or more definitive arrangements that might materially increase the Group’s liquidity position.

“In the absence of one or more of those arrangements, there remains material uncertainty as to the Group’s ability to continue as a going concern.”

Featured Image: AI-generated via Ideogram

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech, gambling and blockchain industries for major developments, new product and brand launches, AI breakthroughs, game releases and other newsworthy events. Editors assign relevant stories to in-house staff writers with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Sophie Atkinson
Tech Journalist

Sophie Atkinson is a UK-based journalist and content writer, as well as a founder of a content agency which focuses on storytelling through social media marketing. She kicked off her career with a Print Futures Award which champions young talent working in print, paper and publishing. Heading straight into a regional newsroom, after graduating with a BA (Hons) degree in Journalism, Sophie started by working for Reach PLC. Now, with five years experience in journalism and many more in content marketing, Sophie works as a freelance writer and marketer. Her areas of specialty span a wide range, including technology, business,…

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.