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Investing.com -- Star Entertainment, an Australian casino operator facing financial difficulties, has reported a substantial loss in its delayed first-half results.
The company also cautioned that trading conditions are worsening as it strives to maintain operations.
The casino operator reported a statutory net loss of 302 million Australian dollars, equivalent to US$191.1 million, for the half-year period ending in December.
After adjusting for one-time items, the company’s normalized loss came to A$136 million.
Star Entertainment reported normalized revenue of A$650 million, reflecting a 25% decrease. It also disclosed a normalized Ebitda loss of A$26 million, consistent with previous quarterly reports.
The company did not declare a dividend. Star’s performance in the first half of the fiscal year was negatively impacted by mandatory carded play and cash limits at its Sydney casino, as well as casino operating reforms and a loss of market share at its Gold Coast casino.
The company also noted a downturn in trading during the third fiscal quarter, with group-wide revenue declining by 9% compared to the second quarter.
To continue its operations, Star Entertainment is working on various crucial transactions. This includes a strategic investment of A$300 million led by Bally’s, which will be subject to a shareholder meeting in late June.
Star Entertainment also plans to finalize a deal with its joint-venture partners to withdraw from the Destination Brisbane Consortium by the end of June.
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