{"id":245,"date":"2024-06-05T12:49:35","date_gmt":"2024-06-05T09:49:35","guid":{"rendered":"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/"},"modified":"2024-06-05T12:49:35","modified_gmt":"2024-06-05T09:49:35","slug":"star-entertainment-group-anticipates-fy24-revenue-decline","status":"publish","type":"post","link":"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/","title":{"rendered":"Star Entertainment Group Anticipates FY24 Revenue Decline"},"content":{"rendered":"<p>Star Entertainment Group anticipates a drop in its FY24 income compared to the previous year. The challenging market conditions that have been affecting the operator in recent times persisted into the final quarter.<\/p>\n<p>Star Entertainment anticipates a decrease in full-year revenue, following a &#8220;difficult&#8221; fourth quarter.<br \/>\nIn a trading update released today (June 24), Star Entertainment indicated that it expects revenue to decline in FY24 and the fourth quarter. Star Entertainment&#8217;s financial year concludes later this week (June 30).<\/p>\n<p>Full-year revenue is projected to be between A$1.68 billion (GBP879.6 million\/EUR1.04 billion\/USD1.11 billion) and A$1.69 billion. Even at the upper end of this range, this would represent an 11.1% decrease from FY23&#8217;s A$1.9 billion.<\/p>\n<p>In explaining the forecast, Star Entertainment cited the challenging market conditions that have been ongoing since its last update in April. The company also highlighted increased operating expenses due to ongoing remediation and transformation activities, as well as increased resources in risk and control functions.<\/p>\n<p>These events follow a critical inquiry by the New South Wales Independent Liquor &#038; Gaming Authority, with a second inquiry currently underway.<\/p>\n<p>As a result, Star Entertainment also anticipates a decline in adjusted EBITDA. For FY24, it is expected to be between A$165 million and A$180 million, with the upper end representing a 43.2% year-on-year decrease.<\/p>\n<p>What transpired in Star Entertainment&#8217;s final quarter? <\/p>\n<p>This week, the company unveiled its financial outlook for the final quarter, which reveals a 3.3% annual decrease in earnings and a 4.3% sequential decline. The company again highlighted that the tough economic climate and rising living costs are the key drivers behind the downturn.<\/p>\n<p>The company noted that revenue from its premium gaming areas continues to fall, with an anticipated drop of 16.5% this quarter. While the main gaming halls are projected to see an uptick, with a predicted 5.2% increase in income for the fourth quarter, this is not expected to counterbalance the overall decline.<br \/>\n<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>Examining individual properties, the company&#8217;s Sydney location is anticipated to see a 0.9% decrease in revenue, the Gold Coast property a 4.9% decline, and the Brisbane location a 6.9% drop.<\/p>\n<p>In terms of expenses, the company indicated that operating costs in the final quarter are likely to be slightly higher than in the third quarter, reaching A$92.5 million. Average operating expenses in the first six months of the year were A$90.3 million.<\/p>\n<p>The company attributed the increase in spending to ongoing repairs and changes related to the Bell Inquiry. In light of this, the company will explore various measures to reduce its overall future operating cost base. Specific actions have not yet been announced.<\/p>\n<p>The group also provided an update on the potential sale of assets. This includes the casino, hotel, and parking lot, with transactions currently in progress. The company is also considering the sale of other non-essential assets and will provide further updates later this year when it releases its 2024 financial year results.<\/p>\n<p>The company is on the verge of appointing a new chief executive. <\/p>\n<p>In recent developments, Star Entertainment Group has declared a series of changes in its leadership structure. David Foster, the former chairman, resigned from his position in April and has also stepped down from the board.  Anne Ward has been appointed to take his place.<\/p>\n<p>Furthermore, Star Entertainment Group anticipates announcing the appointment of a new chief executive officer and managing director in the near future. Robbie Cook, who previously held the position, resigned in March but has been serving in an advisory capacity while the company seeks a permanent replacement.<\/p>\n<p>Star Entertainment Group has appointed Neil O&#8217;Connell, the interim group chief financial officer, as the acting CEO. Additionally, Chair Ward has assumed additional responsibilities on an interim basis.<\/p>\n<p>These alterations follow the appointment of Jenny Mok, a former executive at Crown Resorts, as the group chief operating officer (COO) last month. Another recent departure is Jessica Mellor, who will be stepping down as the CEO of Star Entertainment Group&#8217;s Gold Coast operations.<\/p>\n<p>What lies ahead for Star Entertainment Group?<br \/>\nThe anticipated decline in revenue and leadership changes are both interconnected with broader issues facing Star Entertainment Group. The most significant 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>Adam Bell, a barrister who oversaw the initial Bell Report, will lead the inquiry. The focus of this investigation is to examine how Star Entertainment Group implemented the recommendations of the first inquiry.<\/p>\n<p>In September 2022, Star Entertainment Group was deemed unsuitable to hold a casino license in New South Wales after a preliminary inquiry revealed a series of failures in anti-money laundering and social responsibility practices. <\/p>\n<p>Its noteworthy that certain adjustments made by the corporation have resulted in elevated expenses during the final quarter and the 2024 fiscal year trading report.<\/p>\n<p>Queensland officials have once more postponed a verdict as they desire to observe the results of a second Bell investigation prior to rendering a definitive judgment. The original December 1, 2023 deadline was extended to May 31 of this year after Star Entertainment Group presented a preliminary remediation strategy to rectify the matters. The organization was granted a year to resolve the issues and demonstrate its eligibility for a permit. Star Entertainment Group faced penalties in Queensland in December 2022 for a series of shortcomings, was fined A$100 million, and was informed that its license would be suspended. However, May brought some positive developments for Star Entertainment Group. Queensland declared that it was again postponing the intended license suspension, pushing it back to December 20. The second investigation was initiated in February and the concluding report was released last month. Particulars concerning this subject have not been disclosed.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >Star Entertainment Group anticipates a drop in its FY24 income compared to the previous year. The challenging market conditions that have been affecting the operator in recent times persisted into the final quarter. Star Entertainment anticipates a decrease in full-year revenue, following a &#8220;difficult&#8221; fourth [&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 FY24 Revenue Dip: Challenging Market<\/title>\n<meta name=\"description\" content=\"Star Entertainment anticipates a decline in FY24 revenue, citing a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Star Entertainment Group Anticipates FY24 Revenue Decline\" \/>\n<meta property=\"og:description\" content=\"Star Entertainment anticipates a decline in FY24 revenue, citing a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/\" \/>\n<meta property=\"og:site_name\" content=\"Your Trusted Source for Secure Online Casino Games &amp; News\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-05T09:49:35+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/\",\"url\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/\",\"name\":\"Star Entertainment FY24 Revenue Dip: Challenging Market\",\"isPartOf\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#website\"},\"datePublished\":\"2024-06-05T09:49:35+00:00\",\"dateModified\":\"2024-06-05T09:49:35+00:00\",\"author\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Star Entertainment anticipates a decline in FY24 revenue, citing a\",\"breadcrumb\":{\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/2024\/06\/05\/star-entertainment-group-anticipates-fy24-revenue-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/dreamscasinobonusnodeposit.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Star Entertainment Group Anticipates FY24 Revenue Decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/dreamscasinobonusnodeposit.icu\/#website\",\"url\":\"https:\/\/dreamscasinobonusnodeposit.icu\/\",\"name\":\"Your Trusted Source for Secure Online Casino Games &amp; News\",\"description\":\"Indulge in the excitement of licensed online gambling with our up-to-date news, in-depth reviews, and expert articles. 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