Australia’s Star Entertainment sees FY profit fall; appoints acting CEO

AUSTRALIA’S Star Entertainment Group said on Monday (Jun 24) it expects its fiscal 2024 normalised group EBITDA to be in the range of A$165 million (S$148 million) to A$180 million, compared to group Ebitda of A$317.4 million in fiscal 2023.

The embattled casino operator said it also expects group revenue to be between A$1.68 billion and A$1.69 billion, down from its fiscal 2023 revenue of A$1.87 billion, as a result of a challenging economic environment and cost of living pressures.

The casino operator has come under pressure recently due to regulatory inquiries to keep its gaming license at its Sydney casino, as well as an ongoing remediation programme.

In a separate announcement, the company said it appointed current interim group chief financial officer Neale O’Connell as acting chief executive officer, and has progressed its recruitment process for a new permanent group CEO and managing director.

The cash-strapped casino operator also said it is progressing negotiations for the sale of assets including its Treasury casino, hotel and car park in Brisbane, while reviewing the potential sale of other non-core assets. REUTERS