Star Entertainment Loses $ 1.57 Billion After Casino License Revoked
Kate Marshal
01 September 2023
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Star Entertainment Group, an Australian gambling and entertainment company, has reported a massive loss of $1.57 billion for the fiscal year ending on June 30, 2023.
The company’s gross gaming revenue rose by 22%, reaching $1.21 billion, and its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 34%, or $204 million.
But the huge loss was caused by the drop in value of its 3 major land-based casinos in Sydney, Brisbane, and the Gold Coast.
The value of these casinos dropped after the state government revoked 2 of Star’s gambling licenses, raised its tax rates, and slapped it with a $62 million fine.
Star was also under investigation for possible violations of anti-money laundering and counter-terrorism financing laws, which could have resulted in billions of dollars in penalties.
In August, Star managed to get a reprieve from the higher tax rates after warning that it might have to close down. The tax rate of 60.9% will be phased in gradually until 2030, instead of being applied immediately. In exchange, the company promised to keep 3,000 jobs until 2030.
Robbie Cooke, the CEO and Managing Director of Star Entertainment Group, said he now “fully understands the responsibility involved in holding our [casino] licenses.”
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