{"id":251,"date":"2024-06-26T23:05:40","date_gmt":"2024-06-26T20:05:40","guid":{"rendered":"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/"},"modified":"2024-06-26T23:05:40","modified_gmt":"2024-06-26T20:05:40","slug":"star-entertainment-group-anticipates-earnings-decline-in-fy24","status":"publish","type":"post","link":"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/","title":{"rendered":"Star Entertainment Group Anticipates Earnings Decline in FY24"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/oArtGNcJUCM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Star Entertainment Group anticipates a decrease in its earnings for the fiscal year 2024, as difficult market circumstances that have affected the operator in recent months continued into the final three months of the year.<\/p>\n<p>Star Entertainment anticipates a reduction in full-year income, following a challenging fourth quarter.<\/p>\n<p>In a business update released today (June 24), Star Entertainment cautioned that it expects revenue to fall in FY24 and the final quarter. Star Entertainment&#8217;s fiscal year concludes later this week (June 30).<\/p>\n<p>Full-year revenue is projected to be between A$1.68 billion (\u00a3879.6 million\/\u20ac1.04 billion\/$1.11 billion) and A$1.69 billion. Even at the upper limit of this range, this would represent an 11.1% decrease from FY23&#8217;s A$1.9 billion.<\/p>\n<p>In outlining the forecast, Star Entertainment cited the difficult trading environment that has been present since its last update in April. It also emphasized increased operational costs due to ongoing remediation and transformation efforts, as well as increased resources in risk and control functions.<\/p>\n<p>These developments follow a critical investigation by the New South Wales Independent Casino Commission, with a second inquiry currently underway.<\/p>\n<p>As a consequence, Star Entertainment also anticipates a decline in adjusted EBITDA. For FY24, it is expected to be between A$165 million and A$180 million, a decrease of 43.2% at the upper end year-on-year.<\/p>\n<p>What transpired in Star Entertainment&#8217;s final three months of the year? <\/p>\n<p>This week marked the conclusion of the final fiscal period, and Star also unveiled projections for certain data, including a 3.3% annual decrease in earnings and a 4.3% sequential decline. Star reiterated that the difficult economic climate and rising living expenses are the primary drivers of the downturn.<\/p>\n<p>Star highlighted that revenue from premium gaming areas continued to fall, with an anticipated decrease of 16.5% in the current period. The main gaming area showed some improvement, with revenue expected to rise by 5.2% in the fourth quarter, but this was insufficient to offset the overall anticipated decline.<\/p>\n<p>Examining each property, Star Sydney&#8217;s revenue is projected to decline by 0.9%, Star Gold Coast by 4.9%, and Treasury Brisbane by 6.9%.<\/p>\n<p>On the cost side, Star stated that operating expenses in the final quarter are likely to be slightly higher than the A$92.5 million in the third quarter. Average operating costs in the first half of the year were A$90.3 million.<\/p>\n<p>Star attributed the increase in spending to ongoing remediation and transformation related to the Bell inquiry&#8217;s business restructuring. In light of this, Star will explore various initiatives to reduce its overall future operating cost base. Specific details of potential initiatives have not been revealed.<\/p>\n<p>The group also released an update on potential asset sales. This includes the Treasury Casino, hotel, and parking lot, which are currently being negotiated. Star is also considering selling other non-essential assets, with more updates to be provided later this year when it releases its 2024 financial year results.<\/p>\n<p>Star is about to appoint a new chief executive officer. <\/p>\n<p>In recent developments, Star Entertainment Group has declared a series of significant personnel shifts. David Foster, who stepped down from his role as chair in April, has also left the board. Anne Ward has been chosen to take over his position.<\/p>\n<p>Meanwhile, Star Entertainment Group is expected to announce a new leader for the group and a managing director &#8220;soon.&#8221; Robbie Cook departed the company in March but has remained in an advisory capacity until a permanent replacement is found.<\/p>\n<p>Star Entertainment Group has appointed Neil O&#8217;Connell, the temporary group CFO, as the acting CEO. Additionally, Chair Ward has assumed extra responsibilities, also on a temporary basis.<\/p>\n<p>These changes come after Star Entertainment Group appointed Jennie Mock, a former executive from Crown Resorts, as the group&#8217;s chief operating officer (COO) last month. Another recent departure is Jessica Mellor, who resigned from her position as Star Entertainment Group&#8217;s Gold Coast CEO.<\/p>\n<p>What will happen next for Star Entertainment Group?<br \/>\nThe anticipated revenue decrease and leadership changes are both connected to broader issues within Star Entertainment Group. The most notable recent development is that Star Entertainment Group has been informed that it will face a second investigation by the New South Wales Independent Casino Commission (NICC).<\/p>\n<p>Barrister Adam Bell will lead the second inquiry, which he also led the first Bell Report. He will examine how Star Entertainment Group implemented the recommendations of the initial report.<\/p>\n<p>In September 2022, Star Entertainment Group was deemed unsuitable to hold a casino license in New South Wales due to the initial inquiry finding a series of anti-money laundering and social responsibility shortcomings. <\/p>\n<p>Its notable that certain adjustments made by the firm have resulted in higher expenses in the Q4 and FY2024 financial report.<\/p>\n<p>Queensland officials penalized Star Entertainment AU$100 million in December 2022 following an inquiry, and declared they would revoke its permit. The company was given a year to rectify the problems and demonstrate its eligibility for a license. The initial December 1, 2023 deadline was postponed to May 31 of this year after Star Entertainment submitted a preliminary plan to address the issues. However, Queensland authorities delayed the decision again as they desired to review the findings of the Bell Second Inquiry before making a final determination. The inquiry commenced in February and the concluding report was released last month. These specifics have not been made public.<\/p>\n<p>However, there was some positive news for Star Entertainment in May. Queensland announced it would once more postpone the planned license suspension, moving it to December 20.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Star Entertainment Group anticipates a decrease in its earnings for the fiscal year 2024, as difficult market circumstances that have affected the operator in recent [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Star Entertainment Faces Earnings Dip in FY24<\/title>\n<meta name=\"description\" content=\"Star Entertainment anticipates a decrease in earnings for FY24, citing challenging market conditions that persisted throughout the final quarter.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Star Entertainment Group Anticipates Earnings Decline in FY24\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Star Entertainment anticipates a decrease in earnings for FY24, citing challenging market conditions that persisted throughout the final quarter.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Where Casino Enthusiasts Unite for Secure &amp; Licensed Fun\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T20:05:40+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/\",\"url\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/\",\"name\":\"Star Entertainment Faces Earnings Dip in FY24\",\"isPartOf\":{\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/#website\"},\"datePublished\":\"2024-06-26T20:05:40+00:00\",\"dateModified\":\"2024-06-26T20:05:40+00:00\",\"author\":{\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Star Entertainment anticipates a decrease in earnings for FY24, citing challenging market conditions that persisted throughout the final quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/2024\/06\/26\/star-entertainment-group-anticipates-earnings-decline-in-fy24\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Group Anticipates Earnings Decline in FY24\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/#website\",\"url\":\"https:\/\/sunriseslotsnodepositbonus2024.icu\/\",\"name\":\"Where Casino Enthusiasts Unite for Secure &amp; Licensed Fun\",\"description\":\"Unleash your gambling potential with our up-to-date news, comprehensive reviews, and expert articles. 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