Australia’s Star Entertainment Group says it expects to report normalized revenue of AU$1.53 billion (US$1.07 billion) for the 12 months to 30 June 2022, bolstered by a return to normal trading for the first time in more than two years in the June quarter.
Providing a trading update ahead of its FY22 results announcement, Star confirmed a strong rebound through the final months of the financial year, with domestic revenue 11% higher than pre-COVID-19 levels. This, the company revealed, included slots revenue soaring to 28% higher than pre-COVID levels and non-gaming revenue up 26%.
Table games revenue has not recovered to such levels as of yet but is “within 5%” of pre-COVID levels.
While Star expects its FY22 results to be impacted by a loss for the six months to 31 December 2021, it noted that The Star Gold Coast has surged in the June quarter with domestic revenue up 48% on pre-COVID levels. Treasury Brisbane was also up 11% while The Star Sydney has returned to pre-COVID levels.
The company also reported continuing strength since the end of the financial year.
“Trading in July remains above pre-COVID levels, demonstrating similar trends to the June quarter,” Star said. “The Star Sydney has seen further improvement in table games performance and is currently trading above pre-COVID levels. Both Queensland properties are performing strongly and remain above pre-COVID levels.”
Star is due to release its finalized FY22 results on 22 August 2022.
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