• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Wednesday 2 July 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
  • 日本語
No Result
View All Result
IAG
No Result
View All Result

VIP decline sees Star Entertainment Group revise 2019 earnings forecast down

Newsdesk by Newsdesk
Tue 11 Jun 2019 at 18:52
OZ VIP: A new dawn
21
SHARES
527
VIEWS
Print Friendly, PDF & Email

Australia’s Star Entertainment Group has downgraded its 2019 profit forecast by 3%, equal to around AU$18 million, due to lower turnover from international VIPs and a weakening domestic market since the turn of the year.

In a trading and earnings update filed with the Australian Securities Exchange on Tuesday, Star said that international VIP trends from the first half of the FY19 financial year had continued in recent months with turnover down 31.1% year-on-year in the five months from 1 January to 8 June 2019. It added that, while unique patrons over the same period were up 7.6%, front money was down 16.5% with win rate also coming in below expectation.

In an analyst call held shortly after release of the company’s trading update, Star Entertainment Group CEO Matt Bekier said VIP players were spending less time than usual at the company’s properties.

“The positive is the customers are still coming, they just don’t spend as much and take as many risks as they did in the past,” he said.

Domestic revenue for the period through 8 June is up 0.3% year-on-year but has been considerably slower in recent months given full year growth since 1 July 2018 is up 3.1%.

“The slowing of domestic growth in 2H19 reflects a combination of more challenging macro-economic conditions across our markets, lower hold rates on tables games in private gaming rooms and the impact of disruption from capital works at The Star Sydney,” the company said in its update.

It added that, based on current estimates, normalized EBITDA for the year ending 30 June 2019 was likely to be in the AU$550 to AU$560 million range, down from AU$568 million in FY2018.

Star Entertainment Group also revealed it is looking to save up to AU$50 million a year from FY2020 onwards as part of a cost management initiative that will see 400 backroom staff let go due to challenging operating conditions.

 

 

 

RelatedPosts

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

Konami Gaming promotes Tom Jingoli to President and COO, now also Managing Director of Konami Gaming Australia

Tue 1 Jul 2025 at 06:08
Star celebrates long-awaited opening of AU$3.6 billion Queen’s Wharf Brisbane development

Star’s Hong Kong partners terminate deal to acquire 100% of Queen’s Wharf Brisbane

Mon 30 Jun 2025 at 13:40
Soo Kim to Star Entertainment shareholders and other stakeholders: “I won’t let you down”

Soo Kim to Star Entertainment shareholders and other stakeholders: “I won’t let you down”

Mon 30 Jun 2025 at 06:10
Renowned gaming lawyer Jamie Nettleton to represent IMGL on Judging Panel for inaugural RTG Global Awards

Renowned gaming lawyer Jamie Nettleton to represent IMGL on Judging Panel for inaugural RTG Global Awards

Sun 29 Jun 2025 at 17:53
Load More
Tags: AustraliaMatt BekierNew South WalesprofitStar Entertainment GroupSydneyVIP
Share8Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – An inconvenient truth

Editorial – An inconvenient truth

by Ben Blaschke
Fri 27 Jun 2025 at 15:21

It’s understandable that political observers, academics and members of the public in greenfield jurisdictions would express caution around the legalization...

Light & Wonder’s Siobhan Lane

Light & Wonder’s Siobhan Lane

by Ben Blaschke
Fri 27 Jun 2025 at 15:19

Siobhan Lane, Light & Wonder’s highly experienced CEO of Gaming, speaks to Inside Asian Gaming about the company’s ongoing transformation...

Honesty is the best policy

Honesty is the best policy

by Ben Blaschke
Fri 27 Jun 2025 at 14:13

The Thailand Entertainment Complex Roundtable brought industry stakeholders, politicians and supporters of the government’s Entertainment Complex Bill face to face...

Sri Lanka’s casino industry

Sri Lanka’s casino industry

by Shaun McCamley
Fri 27 Jun 2025 at 13:36

Industry veteran Shaun McCamley delves into the complex history of Sri Lanka’s casino industry at a time when the country...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

Team Spirit

IAG announces Light & Wonder, Angel and Aristocrat Gaming as sponsors of Macau After Dark at Vasco – Bar & Lounge on Monday 7 July

by Ben Blaschke
Wed 2 Jul 2025 at 15:33

Inside Asian Gaming is pleased to announce global gaming suppliers Light & Wonder as Platinum Sponsor and Angel and Aristocrat Gaming as Gold Sponsors of the upcoming edition of Macau After Dark, MAD 30, to be held on the evening of Monday 7 July...

Abbiati: Italian Stallion

Abbiati targeting North and South American markets via strategic alliance with Hawkins Holdings

by Newsdesk
Wed 2 Jul 2025 at 09:39

Global gaming equipment supplier Abbiati Casino Equipment has entered into a strategic alliance with Hawkins Holdings – a company owned by seasoned gaming executive Roger Hawkins – to expand its presence across the Americas. Hawkins has been appointed Abbiati’s Brand...

Apollo completes acquisition of IGT gaming and digital businesses and Everi, new entity to trade under IGT name

Apollo completes acquisition of IGT gaming and digital businesses and Everi, new entity to trade under IGT name

by Ben Blaschke
Wed 2 Jul 2025 at 06:28

Asset management giant Apollo announced overnight that it has completed the acquisition of FinTech firm Everi Holdings and the Gaming and Digital businesses of International Game Technology (IGT). The two companies will be combined into a single enterprise operating under...

Aristocrat Gaming awarded license to develop MONOPOLY slot games globally

Aristocrat Gaming awarded license to develop MONOPOLY slot games globally

by Newsdesk
Wed 2 Jul 2025 at 06:21

Aristocrat Gaming has been granted the rights to develop MONOPOLY-branded slot games following the completion of a competitive RFP process, the company has revealed. The multi-year partnership with board game giant owner of the MONOPOLY brand Hasbro will come into...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文
  • 日本語

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • 日本語
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English
  • 日本語