Australia’s Star Entertainment Group reported a net loss of AU$199 million in the 12 months to 30 June 2022, however its COVID-19 recovery looks well on track with domestic revenue for the June quarter already higher than pre-COVID levels.
Publishing its FY22 financial results on Monday morning, Star revealed a 2% year-on-year decline in gross revenue for the year to AU$1.53 billion, while Adjusted EBITDA fell 44% to AU$239 million. This was on the back of COVID-19 restrictions through the first nine months of the financial year which saw The Star Sydney closed for a total of 102 days, Treasury Brisbane for 12 days and The Star Gold Coast for 11 days, with other restrictions in place when open.
However, domestic revenue in the June quarter was 11% higher than pre-COVID levels with slots revenue up 28% and non-gaming up 26%. Domestic table revenue was down 4% on pre-COVID levels.
Star said The Star Sydney was on par with pre-COVID, while The Star Gold Coast was up 48% and Treasury Brisbane up 13%.
It also confirmed that the recovery trend has continued into the current quarter, with group domestic revenue currently tracking 9% higher than the September 2019 quarter. Sydney domestic revenue remains in line with The Star Gold Coast up 26% and Treasury Brisbane up 18%, the company said.
No final dividend has been declared.
“The past year has demonstrated how resilient our business is and how quickly customers return when the properties are allowed to open and operate without restrictions,” said Star’s acting CEO, Geoff Hogg.
“This gives us great confidence moving forward.”
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