Star Entertainment Group cut its Q4 FY26 EBITDA loss by 70 per cent. The Australian casino operator announced its unaudited results for Q4, showing an EBITDA loss of AU$8 million ($5.6 million) for the three months that ended on 30 June 2026. This improvement came from cost reductions and higher gaming volumes at The Star Gold Coast.
The result marked a 70 per cent improvement from the AU$27 million ($18.9 million) EBITDA loss recorded in the same period last year. However, the performance weakened compared with the preceding quarter, when the company reported an EBITDA loss of AU$1 million ($698,500).
Revenue for the quarter was AU$265 million ($185 million), mostly the same as the previous quarter and 2 per cent lower than last year. Operating expenses decreased by 11 per cent to AU$206 million ($144 million), showing the ongoing cost-cutting efforts across the group.
Gold Coast outperforms Sydney
The Star said trading at its Sydney casino had “stabilised”, although performance remained at historically low levels following the introduction of regulatory reforms. Revenue at The Star Sydney increased 2 per cent quarter-on-quarter to AU$150 million ($105 million) but declined 7 per cent from the prior-year period. Property EBITDA fell 35 per cent year-on-year to AU$10 million ($7 million), while the Sydney segment recorded an EBITDA loss of AU$10 million after corporate allocations.
Gaming revenue at the Sydney property declined 4 per cent year-on-year due to weaker table-game volumes. The company said average daily revenue has fallen 20 per cent since mandatory carded play.
In contrast, The Star Gold Coast delivered the strongest performance across the group. Revenue rose 12 per cent year-on-year to AU$107 million ($74.7 million), while property EBITDA increased 51 per cent to AU$22 million ($15.4 million). Gaming revenue grew 21 per cent, supported by higher activity in both table games and electronic gaming machines.
The Gold Coast segment generated EBITDA of AU$13 million ($9.1 million) after corporate allocations, compared with AU$2 million ($1.4 million) in the same period a year earlier.
Brisbane operator fees decline after Queen’s Wharf exit
Revenue linked to The Star Brisbane fell sharply after the company completed the first stage of its exit from the Destination Brisbane Consortium (DBC) joint venture in April.
Operator-fee revenue declined to AU$5 million ($3.5 million) from AU$15 million ($10.5 million) in the previous quarter following amendments to the Casino Management Agreement governing the integrated resort. Under the revised arrangement, The Star will receive a fixed annual management fee of AU$18 million ($12.6 million), plus performance-based incentives, subject to regulatory approval.
The Brisbane segment reported an EBITDA loss of AU$12 million ($8.4 million) after corporate allocations. Meanwhile, Treasury Brisbane made a small EBITDA profit of AU$1 million ($700,400).
Cash position strengthened by refinancing
The Star’s cash and cash equivalents rose to AU$267 million ($187.01 million) as of 30 June 2026. This is up from AU$120 million ($84.05 million) three months prior. The increase is mainly due to the completion of a $390 million secured refinancing facility from WhiteHawk Capital Partners. The refinancing, completed in May, increased available liquidity by approximately AU$130 million ($91.05 million) and replaced existing debt facilities.
Operating cash flow was positive at AU$31.8 million ($22.27 million) during the quarter, aided by the release of previously escrowed Brisbane operator fees and an AU$18.1 million ($12.68 million) tax refund. Despite the improvement, operating cash flow for the full financial year remained negative at AU$101.1 million ($70.81 million).
Going-concern risks remain
Despite progress on refinancing and asset restructuring, The Star warned that its ability to continue as a going concern remains subject to a limited number of material uncertainties, some of which remain outside the company’s control.
The company said it had resolved several key issues during the year, including completing the first stage of its Queen’s Wharf exit and securing refinancing. However, it cautioned there was no assurance that all remaining uncertainties would be resolved before the filing of its audited FY26 financial statements.
The latest results come as The Star continues to recover from years of regulatory scrutiny, including licence suspensions, financial penalties and compliance failures linked to anti-money laundering controls and governance shortcomings. Earlier this month, the company also settled long-running tax disputes with the Australian Taxation Office related to historical payments made to junket operators.
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