The Star cuts Q4 EBITDA loss by 70% as Gold Coast gaming revenue rises

The Star Entertainment has reported revenue of AU$265m for the fourth quarter of FY26, compared with AU$266m in the previous quarter and AU$270m a year earlier.

The group recorded an EBITDA loss of AU$8m before significant items, widening from a AU$1m loss in Q3 but representing a 70% improvement from the AU$27m loss recorded in Q4 FY25. The company attributed the year-on-year improvement partly to cost savings.

The Star Gold Coast was the strongest-performing property during the quarter. Revenue increased 12% year-on-year to AU$107m, while property EBITDA rose 51% to AU$22m. Gaming revenue grew 21%, supported by higher volumes across both table games and electronic gaming machines.

At The Star Sydney, revenue fell 7% year-on-year to AU$150m, although it increased 2% from Q3. Gaming revenue declined 4% from the prior-year period due to weaker table game volumes. The company also noted that average daily revenue has fallen 20% since mandatory carded play and AU$5,000 daily cash limits were fully implemented in October 2024. 

Meanwhile, The Star Brisbane generated AU$5m in operator fee revenue and AU$3m in EBITDA during the quarter. The Star exited its 50% interest in the Destination Brisbane Consortium on 31 March, but continues to operate the property under a Casino Management Agreement. Its amended operator fee, effective from 1 April and still subject to regulatory approval, is fixed at AU$18m annually plus performance-based incentive fees.

Operating expenses were AU$206m, down 11% year-on-year, as the group continued cost-reduction initiatives across its corporate and property operations. Further measures targeting property-level and indirect costs remain underway.

The Star ended June with AU$267m in cash and cash equivalents, up from AU$120m at the end of March. However, it said its ability to continue as a going concern remains dependent on a limited number of material uncertainties that have yet to be resolved.