{"id":255,"date":"2024-06-27T03:44:38","date_gmt":"2024-06-27T00:44:38","guid":{"rendered":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/"},"modified":"2024-06-27T03:44:38","modified_gmt":"2024-06-27T00:44:38","slug":"star-entertainment-group-reports-a2-4-billion-loss","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/","title":{"rendered":"Star Entertainment Group Reports A$2.4 Billion Loss"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/JLYbxYkH95w\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>A significant Australian entertainment firm, Star Entertainment Group, has revealed a substantial financial setback of A$2.4 billion (roughly US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) for the fiscal year concluding on June 30, 2023. This considerable deficit was primarily attributed to write-downs in the value of the company&#8217;s casino holdings in Sydney, Gold Coast, and Brisbane.<\/p>\n<p>Star Entertainment has encountered a series of financial penalties in recent times. The company reported A$2.8 billion in &#8220;major project&#8221; expenditures for the fiscal year ending June 30, 2023. This includes a non-cash impairment of goodwill and property assets for Treasury in Sydney, Gold Coast, and Brisbane, totaling A$2.2 billion. Furthermore, there were A$595 million in regulatory and legal expenses, A$54 million in debt restructuring costs, and A$16 million in redundancy costs.<\/p>\n<p>These expenses offset the rising A$317 million EBITDA, ultimately leading to a A$2.4 billion after-tax loss.<\/p>\n<p>Over the preceding year, Star Entertainment has faced a range of challenges related to anti-money laundering and social responsibility shortcomings, primarily stemming from the company&#8217;s connections with Chinese gambling operators. These include potential AUSTRAC fines, 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 address its difficulties. <\/p>\n<p>Robbie Cook, the chief executive and head of Star Entertainment Group, stated:  &#8220;To say the last year has been difficult is a complete understatement of what Star Entertainment has faced over the past 12 months.<\/p>\n<p>&#8220;The effects of a damaged public image are affecting team members in various ways every day, and this emphasizes the need to understand the advantage and responsibility that comes with holding a casino license.&#8221;<\/p>\n<p>Addressing investors, Cook said the group was no longer considering selling its Sydney property after the New South Wales government recently decided to reduce proposed tax increases.<\/p>\n<p>**Income Growth Following Pandemic Limitations**<\/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 last year.<\/p>\n<p>Sydney income grew by 26.5% year-on-year, with electronic gaming machines up 30%, table games up 19%, and non-gaming income up 49%. Income was impacted by the tightening of restrictions in mid-September 2022, which led to an increase in denied entry guests. It also faced strong competition from the nearby Crown Resorts.<\/p>\n<p>Gold Coast income increased by 20% year-on-year. Electronic gaming machines were up 9%, table games were up 7%, and non-gaming income was up 52%.<\/p>\n<p>The Gold Coast Star Entertainment property had a strong start, benefiting from a surge in domestic tourism and consumer spending following the pandemic, as well as the return of conference business. <\/p>\n<p>Overseas travel rivalry with local tourism affected the second half of fiscal year 2023 results. <\/p>\n<p>The return of international travel and competition from domestic tourism led to a decrease in performance for the second half of fiscal year 2023. Heightened examination resulted in an increase in excluded patrons.<\/p>\n<p>Brisbane income rose by 15% year-over-year, electronic gaming machines by 17%, tables by 8%, and non-gaming income by 34%.<\/p>\n<p>Star Entertainment Group reported statutory earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding any significant items, slightly exceeding previously announced projections. The total was $317 million, an increase of $79 million.<\/p>\n<p>Star Entertainment Group is awaiting the outcome of a legal action filed by AUSTRAC for alleged violations of anti-money laundering and counter-terrorism laws. The company has prepared for a potential A$150 million penalty. Its rival, Crown Resorts, agreed to a A$450 million regulatory settlement.<\/p>\n<p>CEO Cooke stated, &#8220;As a team, we are committed to regaining the trust and confidence of our community, including our regulators, government, shareholders, staff, and guests.<\/p>\n<p>&#8220;We fully comprehend the responsibilities that come with holding our licenses and are dedicated to changing our leadership and culture. This process has already begun, and we recognize there is much work to be done.&#8221;<\/p>\n<p>Cooke characterized the remediation as &#8220;top priority&#8221; for Star Entertainment Group entering fiscal year 2024. This will involve a substantial increase in anti-money laundering resources. <\/p>\n<p>The organization is experiencing a significant transformation, with alterations to both the top leadership and the governing body.  They are also putting into place extensive changes to their internal systems of oversight.<\/p>\n<p>&#8220;We&#8217;ve already begun enhancing our risk mitigation, responsible gaming, and anti-money laundering procedures,&#8221; the organization declared. &#8220;We&#8217;re also establishing greater responsibility and stronger leadership.  We&#8217;ve invested in bolstering our control environment and are implementing and integrating these new controls.&#8221;<\/p>\n<p>They further stated, &#8220;We are improving our financial crime management and our overall strategy for minimizing harm.  Our corrective action plan will monitor our progress and hold us accountable to the multi-year strategy we are dedicated to delivering.&#8221; <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A significant Australian entertainment firm, Star Entertainment Group, has revealed a substantial financial setback of A$2.4 billion (roughly US$1.6 billion\/\u20ac1.5 billion\/\u00a31.2 billion) for the fiscal year concluding on June 30, 2023. This considerable deficit was primarily attributed to write-downs in the value of the company&#8217;s casino holdings in Sydney, Gold Coast, and Brisbane. Star Entertainment [&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 Faces $2.4 Billion Loss<\/title>\n<meta name=\"description\" content=\"Australian entertainment giant Star Entertainment Group reports a significant A$2.4 billion loss, primarily due to write-downs on its casino assets.\" 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:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-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 A$2.4 Billion Loss\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Australian entertainment giant Star Entertainment Group reports a significant A$2.4 billion loss, primarily due to write-downs on its casino assets.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Indulge in the Finest Online Casino Experience | Licensed\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T00:44:38+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:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/\",\"url\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/\",\"name\":\"Star Entertainment Group Faces $2.4 Billion Loss\",\"isPartOf\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-27T00:44:38+00:00\",\"dateModified\":\"2024-06-27T00:44:38+00:00\",\"author\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Australian entertainment giant Star Entertainment Group reports a significant A$2.4 billion loss, primarily due to write-downs on its casino assets.\",\"breadcrumb\":{\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/2024\/06\/27\/star-entertainment-group-reports-a2-4-billion-loss\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Group Reports A$2.4 Billion Loss\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/jumbabetnodepositbonuscodes.icu\/\",\"name\":\"Indulge in the Finest Online Casino Experience | Licensed\",\"description\":\"Experience the best of online gambling through our fresh casino news, in-depth game reviews, and informative insights. 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