{"id":276,"date":"2024-06-28T07:52:58","date_gmt":"2024-06-28T04:52:58","guid":{"rendered":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/"},"modified":"2024-06-28T07:52:58","modified_gmt":"2024-06-28T04:52:58","slug":"star-entertainment-anticipates-revenue-decline-in-fy24","status":"publish","type":"post","link":"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/","title":{"rendered":"Star Entertainment Anticipates Revenue Decline in FY24"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/M6sdBKrRITQ\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Star Entertainment Group anticipates a decrease in its fiscal year 2024 revenue compared to the previous year. The challenging market conditions that have affected the operator in recent months continued into the final quarter.<\/p>\n<p>Star Entertainment anticipates a decline in full-year revenue following a difficult fourth quarter.<br \/>\nIn a recent business update issued today (June 24), Star Entertainment cautioned that it expects revenue to fall in FY24 and the fourth quarter. Star Entertainment&#8217;s fiscal year concludes on June 30 later this week.<\/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 end of this range, it will be 11.1% lower than FY23&#8217;s A$1.9 billion.<\/p>\n<p>In providing this guidance, Star Entertainment cited the challenging market conditions that have persisted since its last update in April. It also highlighted increased operating expenses due to ongoing remediation and transformation efforts, as well as increased resources in risk and control functions.<\/p>\n<p>These developments follow the New South Wales Independent Liquor &#038; Gaming Authority&#8217;s rigorous examination of the company, with a second inquiry currently underway.<\/p>\n<p>As a result, Star Entertainment also anticipates a decrease in adjusted EBITDA. Adjusted EBITDA for FY24 is expected to be between A$165 million and A$180 million, with the upper end representing a 43.2% year-on-year decline.<\/p>\n<p>What occurred during Star Entertainment&#8217;s final quarter? <\/p>\n<p>This week marks the conclusion of the final fiscal period, and Star Entertainment has unveiled its forecasts for several key metrics. Income is projected to decrease by 3.3% annually and 4.3% sequentially. Star Entertainment has once again highlighted that the difficult economic climate and rising living costs are the primary drivers behind the downturn.<\/p>\n<p>Star Entertainment observed that income from its high-end gaming areas continues to decline, with an anticipated drop of 16.5% this quarter. While the main gaming halls have witnessed some improvement in performance, with revenue anticipated to increase by 5.2% in the fourth quarter, this is insufficient to offset the overall expected decline.<\/p>\n<p>On a property-by-property basis, income is projected to decrease by 0.9% at Star Sydney, 4.9% at Star Gold Coast, and 6.9% at Treasury Brisbane.<\/p>\n<p>On the expenditure side, Star Entertainment stated that operational expenses in the final quarter are likely to be slightly higher than the A$92.5 million recorded in the third quarter. Average operational costs in the initial six months were A$90.3 million.<\/p>\n<p>Star Entertainment attributed the increased spending to ongoing remediation and transformation related to the initial round of investigations into its operations following the Bell inquiry. In light of this, Star Entertainment will explore a number of initiatives to reduce its overall future operational cost base. Specific details regarding potential initiatives have not yet been disclosed.<\/p>\n<p>The group also released an update on the potential sale of assets. This includes the Treasury Casino, hotel, and parking facility, which are currently in negotiations. Star Entertainment is also considering the sale of other non-core assets and will provide further updates later this year when it releases its FY2024 results.<\/p>\n<p>Star Entertainment is nearing the appointment of a new chief executive officer. <\/p>\n<p>Recent developments at Star Entertainment include a series of leadership adjustments. David Foster, who stepped down as chair in April, has also departed from the board. Anne Ward has been named as his replacement.<\/p>\n<p>Furthermore, Star Entertainment anticipates revealing a new chief executive and managing director soon. Robbie Cook vacated the role in March but has continued as an advisor until a permanent successor is identified.<\/p>\n<p>Star Entertainment has designated interim group CFO Neil O&#8217;Connell as the acting CEO. Additionally, Chair Ward has assumed extra responsibilities, also on an interim basis.<\/p>\n<p>These alterations follow the appointment of former Crown Resorts&#8217; Jenny Mok as group chief operating officer (COO) last month. Another recent departure was Jessica Mellor, who resigned from her position as Star Entertainment Gold Coast CEO.<\/p>\n<p>What lies ahead for Star Entertainment?<br \/>\nThe anticipated revenue decrease and leadership changes are both connected to broader challenges facing Star Entertainment. The most significant recent event is that Star Entertainment has been informed that it will undergo a second investigation by the New South Wales Independent Casino Commission (NICC).<\/p>\n<p>Adam Bell SC, who oversaw the initial Bell Report, will lead the inquiry. He will examine how Star Entertainment implemented the recommendations of the first investigation.<\/p>\n<p>In September 2022, Star Entertainment was deemed ineligible to hold a casino license in New South Wales due to the initial inquiry uncovering a series of anti-money laundering and social responsibility shortcomings. <\/p>\n<p>Its notable that certain modifications enacted by the organization have resulted in elevated expenditures during the concluding quarter and the fiscal year 2024 trading update.<\/p>\n<p>The original cutoff date of December 1, 2023, was postponed to May 31st of the current year following the Star Group&#8217;s submission of a preliminary corrective strategy to address the concerns. Queensland authorities further delayed the decision as they desired to observe the outcomes of a second Bell investigation prior to rendering a conclusive determination. The second investigation commenced in February, and the final report was published last month. Specifics regarding this inquiry have not been disclosed. Nevertheless, there was some positive news for the Star Group in May. Queensland declared an additional postponement of the planned license suspension, shifting it to December 20th. In December 2022, the Star Group was penalized in Queensland for a series of shortcomings, fined A$100 million, and informed that its license would be suspended. The organization was granted a 12-month period to rectify the issues and demonstrate its suitability for a license.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Star Entertainment Group anticipates a decrease in its fiscal year 2024 revenue compared to the previous year. The challenging market conditions that have affected the operator in recent months continued into the final quarter. Star Entertainment anticipates a decline in full-year revenue following a difficult fourth quarter. In a recent business update issued today [&hellip;]<\/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 Revenue Dip Expected in FY24<\/title>\n<meta name=\"description\" content=\"Star Entertainment anticipates a decline in revenue for FY24, citing challenging market conditions and a difficult fourth 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:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-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 Anticipates Revenue Decline in FY24\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Star Entertainment anticipates a decline in revenue for FY24, citing challenging market conditions and a difficult fourth quarter.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Win Big at Our Licensed Online Casino | Latest Games &amp; News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T04:52:58+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=\"5 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:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/\",\"url\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/\",\"name\":\"Star Entertainment Revenue Dip Expected in FY24\",\"isPartOf\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-28T04:52:58+00:00\",\"dateModified\":\"2024-06-28T04:52:58+00:00\",\"author\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Star Entertainment anticipates a decline in revenue for FY24, citing challenging market conditions and a difficult fourth quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/2024\/06\/28\/star-entertainment-anticipates-revenue-decline-in-fy24\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/lionslotsnodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Anticipates Revenue Decline in FY24\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lionslotsnodepositbonus.icu\/#website\",\"url\":\"https:\/\/lionslotsnodepositbonus.icu\/\",\"name\":\"Win Big at Our Licensed Online Casino | Latest Games &amp; News\",\"description\":\"Stay informed with our regularly updated casino news, detailed game reviews, and expert articles. 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