Star Entertainment Group posted normalized revenue of A$1.53 billion (£878.9 million / €1.04 billion / €1.07 billion) in fiscal 2022 after a strong domestic recovery in the fourth quarter. USD). .
In a market update, Star said revenue in its home country of Australia rose 11% from pre-pandemic levels in the final quarter of the fiscal year, reaching $512 million in the three months to end-June. rice field.
Starr said slot revenue increased 28% in the quarter, while non-game revenue also increased 26%. Despite the reopening of venues in Australia, domestic table revenues have yet to fully recover but were within 5% of pre-Covid levels.
Operators specifically singled out Star Gold Coast, where the site’s domestic revenue increased by 48% from pre-pandemic levels. Starr said this was driven by a rebound in domestic tourism and the opening of the Dorsett Gold Coast Hotel and Starr Residences this year.
Star Brisbane Casino’s domestic revenues increased 13% from pre-pandemic levels, and Star Sydney’s domestic revenues returned to pre-Corona levels.
However, Star said property closures, operational restrictions and border closures implemented in response to the Covid-19 outbreak will impact its results in early 2022, which will be reflected in full-year results. said.
Operators also said that the costs associated with regulatory reviews and increased investment in regulatory and compliance features will also be reflected in the results scheduled to be published on August 22.
A review of operations at Star Sydney is expected to be completed by the end of August, while in June it was announced that an independent review of Star’s suitability to hold a casino license in Queensland would also take place. it was done.
In terms of July performance, Mr Star said trading was above pre-pandemic levels. Operators said Star Sydney’s real estate and two locations in Queensland are trading above pre-Covid levels.
Meanwhile, Starr also announced an update on its Queens Wharf Brisbane integrated resort development. The development isn’t expected to open until late 2023 after a series of delays due to the pandemic and above his 2022 average rainfall. The facility is expected to open by the middle of next year.
Total project costs are expected to increase by approximately 10% from the original guidance of $2.6 billion due to rising construction material costs, labor shortages, supply chain challenges, program delays and additional capital equipment.
Starr, along with its joint venture partners, is proposing to fund the majority of these costs through additional equity contributions in accordance with existing joint venture interests.
