{"id":252,"date":"2024-06-26T22:27:00","date_gmt":"2024-06-26T19:27:00","guid":{"rendered":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/26\/star-entertainment-group-reports-net-deficit-despite-pandemic-recovery\/"},"modified":"2024-06-26T22:27:00","modified_gmt":"2024-06-26T19:27:00","slug":"star-entertainment-group-reports-net-deficit-despite-pandemic-recovery","status":"publish","type":"post","link":"https:\/\/newcasinonodepositbonuscodes.icu\/2024\/06\/26\/star-entertainment-group-reports-net-deficit-despite-pandemic-recovery\/","title":{"rendered":"Star Entertainment Group Reports Net Deficit Despite Pandemic Recovery"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/EjBy_91CVo0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Star Entertainment Group experienced a net deficit of A$178.1 million (\u00a3103.9 million\/\u20ac122.4 million\/$122.9 million) in the fiscal year 2022, even though there was a solid recovery from the pandemic.<\/p>\n<p>Although the group&#8217;s earnings stayed relatively stable compared to the prior year, the net deficit was caused by ongoing difficulties stemming from property closures and operational limitations due to the COVID-19 pandemic, which led to a net gain of A$57.9 million the previous year. The group stated that the removal of numerous COVID-19 restrictions in the latter half of the year contributed to a revival in domestic revenue in Australia. However, increased costs, particularly a non-recurring goodwill impairment charge of A$162.5 million, resulted in the net deficit. This impairment charge was related to The Star Sydney and involved various factors, including the future regulatory outlook for the property in light of ongoing assessments. Star Entertainment Group noted that the value of the business could be further affected depending on the outcome of the assessments. Additionally, Ben Heap, the temporary chairman appointed in May, stated that the regulatory assessments also had an effect on Star Entertainment Group&#8217;s performance in the fiscal year 2022. <\/p>\n<p>The assessment of The Star Sydney&#8217;s operations will finish at the end of August. At the same time, a separate evaluation of The Star&#8217;s fitness to possess a gambling permit in Queensland was declared in June.<\/p>\n<p>The chief executive, Matt Bekier, recognized the substantial difficulties presented by the COVID-19 disruptions and regulatory oversight. He expressed thankfulness and appreciation for the commitment of the 8,000 team members.<\/p>\n<p>&#8220;The fundamental strength of the enterprise enabled us to recover forcefully after COVID-related property closures and operational limitations.&#8221;<\/p>\n<p>Bekier also emphasized the effectiveness of The Star&#8217;s &#8220;rehabilitation plan,&#8221; which aims to restore investor confidence, and the addition of new leaders to propel business expansion.<\/p>\n<p>Robbie Cooke was named Managing Director and CEO in July, marking the fourth individual to hold the position since late March. He succeeded Geoff Hogg, who served as temporary CEO in June.<\/p>\n<p>&#8220;Robbie is well-prepared to lead The Star and rebuild trust in the organization,&#8221; said Bekier. &#8220;He brings a vast amount of expertise and experience to guide the company through its crucial renewal plan, which is already underway and will deliver a variety of short-term and medium-term initiatives focused on governance, culture, training, and risk and compliance systems and technology, particularly in relation to anti-money laundering\/counter-terrorism financing and know your customer responsibilities.&#8221; <\/p>\n<p>The company&#8217;s financial performance for the fiscal year ending on June 30th showed a slight decline in revenue, reaching $1.53 billion, a decrease of 1.2% from the $1.54 billion recorded in the previous year. However, total revenue, which includes $7 million in gaming revenue after player rebates and promotional allowances, remained at $1.53 billion.<\/p>\n<p>The Sydney Starlight Hotel, the company&#8217;s primary revenue source, generated $781 million in revenue despite being closed for 102 days due to COVID-19 restrictions. The Gold Coast Starlight Hotel generated $424 million in revenue, while the Brisbane Starlight Hotel generated $326 million in total revenue.<\/p>\n<p>On the expenditure side, costs increased across all categories, with the most significant increase coming from depreciation, amortization, and impairment, driven by a one-time goodwill impairment charge of $162.5 million. The largest expense was employment costs, reaching $597.1 million, while government taxes and levies totaled $387.7 million.<\/p>\n<p>As a result, earnings before interest and taxes (EBIT) reached $147.7 million, compared to $138.4 million in the previous year. After accounting for net finance costs of $423 million, the pre-tax loss was $200 million, compared to a profit of $79.8 million in 2021.<\/p>\n<p>The company received a tax benefit of $1.4 million and recorded a fair value change in cash flow hedges of $20.5 million. After taxes, the net loss was $178.1 million, compared to a profit of $51.65 million in the previous year.<\/p>\n<p>Furthermore, earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 45% year-on-year to $237 million. <\/p>\n<p>The past twelve months have demonstrated the resilience of our enterprise and the swift return of patrons once hotels were permitted to operate without restrictions, remarked interim CEO Hogg. This instills confidence in our prospects.<\/p>\n<p>Starboard Group&#8217;s domestic properties continue to generate revenue. They are situated on long-term leases in prime locations, and we are transforming our hotels into top-tier resorts.<\/p>\n<p>We extend our gratitude for the unwavering support of our valued guests and dedicated staff during these challenging circumstances. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Star Entertainment Group experienced a net deficit of A$178.1 million (\u00a3103.9 million\/\u20ac122.4 million\/$122.9 million) in the fiscal year 2022, even though there was a solid recovery from the pandemic. Although the group&#8217;s earnings stayed relatively stable compared to the prior year, the net deficit was caused by ongoing difficulties stemming from property closures and operational [&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 Group Reports Net Deficit in FY2022<\/title>\n<meta name=\"description\" content=\"Despite a pandemic recovery, Star Entertainment Group faced a net deficit due to ongoing COVID-19 impacts. 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