The Star Entertainment Group’s Q3 Report Shows Significant EBITDA Improvement

Australian casino & hospitality business The Star Entertainment Group has published its financial report for the three months ended March 31, 2026 (Q3). The company’s financials outlined a significant reduction in the company’s EBITDA loss.

The Star’s EBITDA Loss Narrowed  

According to the report, The Star’s Q3 revenue was AUD 266 million ($190.7 million), down 12% quarter-on-quarter. The company stated that this was marginally below the prior comparable period.

However, the company’s EBITDA showed significant improvement as the Q3 EBITDA loss narrowed to AUD 1 million ($0.72 million). For comparison, the company reported EBITDA loss of AUD 24 million ($17.2 million) for the prior-year period.

Compared with Q2, however, The Star’s EBITDA experienced a slight drop. The Australian casino company reported EBITDA profit of AUD 6 million ($4.3 million) for the second quarter of the fiscal year.

According to the company’s announcement, the financials for Q3 reflect a “seasonal softening in revenues,” as well as a reduced visitation in Sydney.

As of March 31, 2026, The Star had AUD 90 million ($64.5 million) in cash.

The Group Continues to Reduce Its Costs

In its report, The Star also highlighted some of its achievements for the quarter, which included the completion of the first phase of the sale of its Destination Brisbane Consortium stake to its joint venture partners, Chow Tai Fook Enterprises Limited and Far East Consortium International Limited. The second stage of the transaction is subject to different conditions and should be delivered by March 31, 2027.

Per this agreement, the casino operator fee payable to The Star will stand at AUD 18 million ($12.9 million) a month, plus a performance-based incentive fee.

In addition to that, Q3 saw The Star obtain a waiver of its 31 December 2025 covenant tests under the existing Senior Facility Agreement (SFA). The terms required the Star to deliver a refinancing commitment by March 31 this year and execute a refinancing of the SFA by May 15, 2026.

In March, The Star also entered into a binding commitment letter with WhiteHawk to refinance the group’s debt. As of April 24, The Star has received the requisite regulatory approval for the refinancing and is planning to complete it by May 15, 2026.

In the meantime, The Star announced that its Bally’s-led management has launched initiatives to significantly reduce the company’s costs, streamline its operations, and reduce supplier expenses.

While The Star is experiencing some recovery, it admitted that its future remains dependent on uncertainties, some of which are outside the group’s control.