Star Entertainment’s Q4 Shows Continued Softness Despite Bally’s Help

The Star Entertainment Group Limited has published its unaudited quarterly report for the three-month period ended June 30, 2025 (Q4). The results highlighted continued financial struggles amid Bally’s investment.

The Company’s Q4 Was Soft, if Stable

In the fourth quarter of the fiscal year, The Star reported revenue of AUD 270 million ($175 million), which was mostly consistent with the results reported in Q4. At the same time, the company reported an EBITDA loss of AUD 27 million ($17.5 million), compared to an EBITDA loss of AUD 24 million in the prior year period.

The Star Sydney property’s revenue for the period increased slightly to AUD 162 million ($105 million), although the EBITDA loss increased to AUD 14 million ($9 million).

The Star Gold Coast, on the other hand, reported stable revenue and EBITDA gain at AUD 96 million ($62.2 million) and AUD 2 million ($1.3 million), respectively.

In the meantime, The Star Brisbane saw its operator fee revenue increase slightly to AUD 8 million ($5.2 million). The EBITDA loss narrowed to AUD 15 million ($9.7 million).

Last but not least, Treasury Brisbane reported revenue of AUD 4 million ($2.6 million) EBITDA for the period was near the 0 mark, showing neither gain, nor loss.

The Star pointed out that these results reflected “continued softness” in its operating performance due to the challenges faced by the company. Despite Bally’s AUD 300 million package, the Australian company remains embattled.

As of June 30, 2025, the company had AUD 234 million in available cash.

The Company Divested Certain Properties in Search of Liquidity

Other highlights for Q4 include the sale of The Star’s Sydney Event Centre and associated spaces for AUD 60 million.

In addition to that, the company held a general meeting during which it approved Bally’s investment, allowing the deal to proceed.

Then, on June 30, The Star provided an update on its negotiations with its joint venture partners related to the company’s plan to sell its interest in the Destination Brisbane Consortium. A further update several days later confirmed that its partners had agreed to extend the deadline of the agreement.

In addition to that, The Star confirmed that it had implemented mandatory carded play and AUD 5,000 cash limits across The Star Sydney. The cash limits will be reduced to AUD 1,000 from August 19 onward.

Similar measures are currently being considered by the Queensland Government and will potentially affect The Star Gold Coast and The Star Brisbane.

Two of The Star’s Licenses Remain Suspended

As for The Star’s regulatory trouble, the license of The Star Sydney remains suspended. The term of its special manager was extended to September 30, 2025, as the company struggles to regain its suitability. The company is planning to make its next suitability submission by the end of August.

The Star Gold Coast’s license was likewise suspended, with suspension deferred and the term of the special manager extended to September 30, 2025. The Star will make a sustainability submission regarding this property on July 31.

In the meantime, The Star Brisbane successfully secured a license and commenced operation on August 29, 2024. The term of the property’s external adviser was recently extended to September 30.