The Star Entertainment Group has released its unaudited Quarterly Activities Report for the period ended 30 September 2025, outlining steady revenue growth and ongoing regulatory challenges.
For the first quarter of FY26, the Group recorded revenue of AU$284m, representing a 5% increase compared to Q4 FY25 - however down 19% year-on-year. EBITDA loss before significant items improved to AU$13m, from an AU$27m loss in the prior quarter. Again, in comparison to results from the year prior, EBITDA has dropped by 27%, falling a further 50% quarter-on-quarter.
In Q1 FY26, Star Sydney's revenue was flat compared to last quarter with an 18% drop in daily gaming, with revenues falling 14% year-on-year. Elsewhere, Gold Coast gaming and hospitality grew 8% and 11%, respectively, while Brisbane reported AU$14m in operator fees with AU$119 m in resort revenue - up some 253% compared to last year's results.
The results reflect stabilised performance in Sydney, despite the property's ongoing suspension, while higher seasonal trading volumes on the Gold Coast and increased operator fees for The Star Brisbane. Trading conditions also remain affected by the implementation of mandatory carded play and cash limits in New South Wales, as well as heightened compliance requirements across all operations.
The company progressed its joint venture exit agreement with Chow Tai Fook Enterprises Limited and Far East Consortium International Limited, aimed at consolidating its Gold Coast position and divesting its Brisbane-related assets. Completion of the transaction remains subject to several conditions.
Additionally, The Star continued to implement its AU$300m strategic investment with Bally's Corporation, receiving the final AU$67m tranche in October 2025. The completion process remains contingent on final regulatory approvals, with JPMorgan Chase having sold its substantial shareholding in the company earlier this month.
Senior lenders provided covenant waivers for the 30 September 2025 period, with future refinancing options under review as the Group continues to manage liquidity and capital structure.
Regulatory oversight remains in place across all properties, with The Star Sydney's licence suspension extended to 31 March 2026 and oversight at The Star Gold Coast and The Star Brisbane continuing through 30 September 2026
