February 23, 2023 3 min read


The Star Reports Loss in H1 FY23, Plans to Raise Equity

The new report reveals that the net loss for The Star Entertainment for the six months to December 31, 2022 as company faces regulatory pressure

Australian entertainment and gambling company The Star Entertainment Group released its H1 FY23 results acknowledging net loss and plans for equity raising. The company’s gross revenue for the period was AU$1.01 billion ($689.1 million), while normalized EBITDA was AU$200 million ($136.4 million) and net profit was AU$44 million ($30 million) for the six months until December 31, 2022.

The Star acknowledged that its Queensland operations reported strong performance and achieved record domestic revenues. However, it added that The Star Sydney was impacted by an increase in competition as well as regulatory changes.

Overall, The Star Sydney’s domestic revenue was down 14% when compared to pre-COVID levels or FY20. Tables revenue dipped by 22%, while non-gaming revenue decreased by 10% with only EGMs revenue increasing slightly by 1% compared to pre-COVID levels.

In contrast to that result, The Star explained that its Gold Coast operations reported an increase in revenue. In H1 FY23, Gold Coast domestic revenue increased by 30% when compared to pre-COVID levels. This marked a strong performance and in fact, set a record.

The company said that although table revenue was down by 11%, EGM revenue soared by 36% when compared to pre-COVID levels. The results in H1 FY23 were further boosted by a non-gaming revenue increase of 67% when compared to the pre-COVID period.

The Company Confirms Plans to Raise Equity

Considering the reported net loss, The Star also confirmed plans for equity raising. It revealed that it plans “AU$ 800 million equity raising, comprised of a ~AU$ 685 million 3 for 5 pro rata accelerated non-renounceable entitlement offer and a ~AU$ 115 million institutional placement.”

At the same time, The Star acknowledged the possible impact of the proposed NSW casino duty rates. The company confirmed it is currently discussing the implementation of those rates with the NSW government and pointed out that unless they come to an agreement, the proposed changes would need legislative changes.

According to The Star, considering that the discussions are still ongoing, it remains uncertain what the impact of the proposed changes would be. Still, it said that the “changes as currently proposed are likely to have a significant impact on The Star’s earnings and operations” in NSW.

We have been pleased with the ongoing strength of trading across our Queensland-based properties while trading at The Star Sydney has been impacted by operational changes associated with the outcome of the Bell Review and increased competition.

Robbie Cooke, managing director and CEO of The Star Entertainment Group

Robbie Cooke, The Star Entertainment Group’s CEO and managing director, explained that the company’s operations at The Star Sydney were impacted by the government probe and regulatory changes. Still, he confirmed that the Group remains committed to collaborating with the NSW and Queensland managers to ensure compliance with the rules and return to license suitability. Finally, Cooke said that regaining the trust and ensuring the company’s operations are suitable for a license remain a key priority.


Jerome is a welcome new addition to the Gambling News team, bringing years of journalistic experience within the iGaming sector. His interest in the industry begun after he graduated from college where he played in regular local poker tournaments which eventually lead to exposure towards the growing popularity of online poker and casino rooms. Jerome now puts all the knowledge he's accrued to fuel his passion for journalism, providing our team with the latest scoops online.

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