Key Highlights

  • FY26 normalised revenue was AUD 1,101mn, compared with AUD 1,125mn in FY25.
  • The FY26 statutory net loss was AUD 307.3mn.
  • The release detailed AUD 267mn cash and equivalents and ongoing regulatory conditions.

On 27 October 2026, The Star Entertainment Group Limited (ASX:SGR) was trading at AUD 0.135, up 17.39% at the time of the intraday quotation. The quoted movement describes that trading session and is not attributed to an announcement issued on an earlier date. The group operates casino and hospitality properties and provides resort management services.

Operating Results and Financial Comparisons

In its 31 August 2026 FY26 announcement, The Star reported normalised revenue of AUD 1,101.0mn and a normalised EBITDA loss of AUD 16.1mn. The previous-year normalised EBITDA loss was AUD 76.2mn. Normalised net loss after tax amounted to AUD 158.9mn, while the statutory net loss reached AUD 307.3mn. The filing described changes to the classification of discontinued Treasury Brisbane operations, with FY25 comparative information restated on the same basis.

Refinancing and Available Cash

At 30 June 2026, the group had AUD 267mn in cash and cash equivalents. Its broader total cash and deposits were AUD 368mn, including AUD 101mn in restricted deposits. The group announced the completion of refinancing on 7 May 2026 through a USD 390mn secured term facility due in May 2029. The announcement said the refinancing increased available liquidity by approximately AUD 130mn. Restricted balances and operating cash requirements remain relevant when considering the total liquidity position.

Corporate Cost Reductions and Operating Changes

The company reported a AUD 75mn reduction in FY26 group corporate costs. The annualised fourth-quarter corporate cost figure was AUD 178mn, down AUD 111mn or 38% against FY25. Management reported changes in senior leadership, a property-led operating structure, more marketing expenditure and customer service initiatives. The group stated that its principal operating properties had stopped a sequence of quarterly revenue declines in the final quarter of FY26.

Sydney, Gold Coast and Brisbane Activities

Combined July 2026 revenue for The Star Sydney and The Star Gold Coast was AUD 92.4mn, approximately 6% above July 2025 and 8% above the FY26 fourth-quarter monthly average. At The Star Brisbane, the company reported a recent monthly EBITDAM run rate, before the operator fee, averaging AUD 13mn over three months. The fixed Brisbane casino operator fee changed to AUD 1.5mn monthly from April 2026 under amended arrangements, with performance-based components also specified.

Joint-Venture Transactions

On 31 March 2026, the group completed the first stage of its Brisbane joint-venture transaction. This included its exit from the Destination Brisbane Consortium and release of a AUD 700mn parent guarantee connected with joint-venture debt. The release said the second stage remained subject to outstanding conditions and was then expected to complete by no later than 31 March 2027. That was a company expectation rather than a completed outcome.

Business Overview

The Star operates integrated casino and entertainment properties with gaming, hospitality, food and beverage and accommodation activities. The group reported operations in Sydney and the Gold Coast and management services for the Brisbane integrated resort. Its operating and licensing arrangements are subject to distinct state regulatory requirements and contractual obligations.

Risks and Catalysts on Watch

The announcement expressly identified material uncertainties that could cast significant doubt on the group’s ability to continue as a going concern. Matters included potential penalties, restoration of casino licence suitability, compliance with external debt covenants and the continuation of transactional banking services. The timing of the remaining joint-venture conditions and the ability to sustain operating improvements are further matters disclosed by the company.

Developments to Follow

The FY26 filing recorded reduced operating losses, completed refinancing and changes to the corporate structure. It also set out unresolved licensing, financial and regulatory matters. Subsequent company disclosures will establish the status of outstanding transactions and operational measures.