Star Entertainment closes fiscal year with A$472 million loss
In the financial statements for the fiscal year ended 30 June 2025, the Australian group Star Entertainment reported a net loss of A$471.5 million, still a negative result, but an improvement on the billion-dollar shortfall of A$1.68 billion the previous year. Despite the reduction in the deficit, revenue fell by almost 30%, still reflecting regulatory changes.
Revenue decline across all major casinos
The strongest impact was felt at The Star Sydney, where measures imposed by regulators, such as mandatory ID card use (carded play) and limits on cash transactions, reduced revenue by 22%, to A$685 million. These rules were implemented following money laundering investigations that affected the sector, forcing the company to adopt stricter control mechanisms.
At Star Gold Coast, the decline was 10%, with revenue of A$410.6 million. In Brisbane, the transition was even greater: the Treasury Brisbane Casino, closed in August 2024, recorded revenue 82% lower, at just A$62.3 million. The operation was replaced by the new Star Brisbane, in partnership with the Destination Brisbane Consortium (DBC), which contributed A$204.4 million in the fiscal year, comprising A$29.6 million in operational fees and A$174.8 million in contracted revenue.
Across all operations, total company revenue fell from A$1.67 billion in 2024 to A$1.36 billion in 2025. The gaming segment was the most affected, with a 37% drop, totalling A$702.2 million, while non-gaming revenue, such as hospitality, food and beverage, and entertainment, fell 20% to A$446.1 million.
Costs under control, but payroll rises
The report shows that the company managed to reduce a significant portion of expenses. Taxes and government levies fell 31%, to A$282.3 million. Regulatory and legal costs, which had surged in 2024 due to lawsuits and investigations, plunged 80% to A$20 million. Depreciation and impairment also fell, from A$1.55 billion to A$172.4 million, helping to reduce the net loss.
On the other hand, personnel costs rose 14%, reaching A$826.2 million. This increase relates both to salary adjustments and to investments in new compliance programmes, training, and team strengthening to meet regulatory requirements.
Even with some expense reductions, the company experienced higher financial costs, which more than doubled from A$59 million in 2024 to A$120.6 million in 2025, due to debt burden and rising financing rates.
Despite efforts to repair losses, the company itself admitted in a statement that “material uncertainty” remains over its ability to continue operating. According to CEO and Managing Director Steve McCann, the company must continue to rely on support from governments, regulators, creditors, and investors to navigate this period. “Without this support, it will be difficult to build a sustainable future for the group,” he commented.
Amid all this, the company announced the appointment of Bruce Mathieson Jr as a non-executive director. Nominated by Investment Holdings, the company’s largest shareholder, Mathieson Jr has over 30 years of experience in the hospitality and gaming sectors, and led the ALH Group, the pubs and casinos arm of the Endeavour Group, for more than a decade.
Although the 2025 loss was smaller than in 2024, the situation remains delicate. The company needs to reverse revenue declines at its main casinos, restore market confidence, and comply with increasingly stringent regulatory requirements.
This article was first published in Portuguese on 1 September 2025.
