Star Entertainment cut annual losses by two-thirds in the 2025 financial year (FY25) despite a deterioration in trading conditions but has continued to raise doubts about its outlook.
“There remains material uncertainty regarding the Group’s ability to continue as a going concern,” CEO and Managing Director Group Steve McCann said in ASX announcement.
The casino and hotels group’s statutory net loss narrowed to A$472 million (US$308.6 million) in FY25 from $1.685 billion in FY24 as revenue dropped by 18.8% to A$1.362 billion.
The loss included significant items of -$212.4 million, down from a loss of $1.697 billion in FY24.
Trading deteriorated materially during FY25 due to regulatory reforms, including mandatory carded play and cash limits at its Sydney casino, its remediation program and loss of market share.
Although overall trading deteriorated in FY25, activity stabilised in the second half with revenue broadly consistent in the final two quarters, albeit at depressed levels.
July group revenue of $92.1 million and a loss of $7.4 million before interest, tax, depreciation and amortisation were slightly ahead of the fourth quarter monthly average.
Previously announced cost savings of $100 million were achieved and Star was seeking more in FY26.
Star said it had available cash of $234 million at 30 June, after accessing liquidity from multiple sources, and closing available cash of $189 million at 25 August 2025.
Star has received good news in recent months with Bally's Corporation and hotel industry billionaire Bruce Mathieson providing financial lifelines and the sale of its 50% stake in the new Brisbane casino and resort to its Hong Kong-based partners.
But the company's future remains in doubt with McCann saying Star would include a detailed assessment of going concern considerations in its audited FY25 financial statements, which it aimed to lodge with the ASX by 30 September 2025.
At the time of writing Star (ASX: SGR) shares were 0.03 cents (2.86%) lower at 10 cents, capitalising the company at $260.79 million.
