Key Moments:
- Star Entertainment reported a 29.2% decline in revenue to AU$1.19 billion in FY25
- Statutory net loss improved significantly from AU$1.69 billion in FY24 to AU$472 million
- Bally’s made a AU$300 million investment as the company revamped its executive team
Financial Performance Reflects Recovery Efforts
Star Entertainment’s annual report for FY25 paints a picture of a company focused on recovery and survival. With revenue dropping by 29.2% to AU$1.19 billion, and EBIT shifting from a profit of AU$54 million to a loss of AU$142 million, financial challenges remain at the forefront. However, the statutory net loss narrowed considerably from AU$1.69 billion in FY24 to AU$472 million, indicating gradual progress following two difficult years.
| Metric | FY24 | FY25 |
|---|---|---|
| Revenue | Not specified | AU$1.19 billion |
| EBIT | AU$54 million (profit) | AU$142 million (loss) |
| Statutory Net Loss | AU$1.69 billion | AU$472 million |
| Bally’s Investment | – | AU$300 million |
Leadership Changes and Strategic Investment
The company’s latest phase involves significant leadership shifts and a fresh capital injection. Bally’s has invested AU$300 million, signaling renewed confidence from stakeholders. Restructuring within the executive team includes new levels of accountability for each property’s CEO and the board appointment of Bruce Mathieson Jr as a Non-Executive Director.
Chair Anne Ward stated: “In closing out another extremely challenging year I would like to extend my gratitude for your patience and support.”
Ward also said: “We have also given the CEOs of each of our properties increased accountability and greater authority to set strategy and direction as part of embracing direct and close supervision. This will enable the Group to focus on delivering the remediation plan, developing a company strategy and further strengthening our financial position.”
Ongoing Regulatory Scrutiny
Star Entertainment continues to operate under heightened regulatory scrutiny in Australia’s primary gambling markets. Ward characterized the year as one marked by “challenge and renewal,” aligning with the outlook of Group CEO and Managing Director Steve McCann.
“We appreciate the privilege and responsibility involved in holding casino licences in New South Wales and Queensland. We are committed to rebuilding The Star as a transparent and accountable organisation supported by robust governance, so that we may once again have the trust of all of our stakeholders,” said McCann.
These remarks follow a period marked by investigations and license suspensions affecting The Star Gold Coast and the New South Wales property during FY25.
Future-Focused Initiatives
Despite encountering substantial losses, Star Entertainment remains focused on long-term goals. The company continues the development of Tower 2 at The Star Gold Coast and has released a new sustainability report addressing governance, social responsibility, and environmental priorities. The annual report further details shareholder statistics, executive remuneration, and the current status of key remediation efforts.
Both Ward and McCann have emphasized a tone of cautious optimism, built upon values of transparency, stable leadership, and a strong compliance culture. The degree to which these strategies will facilitate a lasting turnaround remains uncertain as the company faces the next phase of its recovery.
- Author
Daniel Williams
