The Star Entertainment Group is beginning to see the effects of its cost-saving measures, as its EBITDA has improved significantly in the third quarter compared to the same period the previous year, although it is still at a loss.

Cost-saving measures implemented by the Australian casino operator include a refinancing agreement with WhiteHawk Capital Partners. This was in addition to a binding long-term documentation with Chow Tai Fook Enterprises Limited and Far East Consortium International Limited regarding the Queen’s Wharf Brisbane and Gold Coast resorts.

Streamlining took place at the group’s corporate offices, which are under new leadership following the completion of Bally’s Corporation and Investment Holdings’ A$300m strategic investment late last year.

The Star mentioned in its report: “Other initiatives, including with respect to administrative functions at each property and opportunities to reduce indirect costs and supplier expenses, continue to be explored to support long-term financial success of The Star and to further strengthen the group’s financial position.”
 

The Star improves EBITDA

For Q3, which is the three months ended 31 March 2026, The Star reported revenue of AUS$266m (approximately €163.2m), down 12% in comparison to the previous quarter (Q2: $301m) and 1% year-on-year (YoY) (Q3 2025: $268m). 

Still, EBITDA improved by 96% YoY to a loss of $1m (Q3 FY25: $24m loss) before significant items. Available cash stood at $90m as of 31 March 2026.

The Star noted that the Q3 results reflected ‘a seasonal softening in revenues and reduced levels of gaming visitation in Sydney’.

Although improvements to EBITDA were achieved, the operator reemphasised that its ‘ability to continue as a going concern remains dependent on the outcome of numerous material uncertainties’, some of which are interdependent and outside of its control.
 

Financials per venue:

The Star Sydney: Revenue – $147m, EBITDA – $4m loss.

The Star Gold Coast: Revenue – $101m, EBITDA – $8m.

The Star Brisbane: Revenue – $15m, EBITDA – $4m loss.

Treasury Brisbane: Revenue – $3m, EBITDA – $1m loss.

Last month, the New South Wales Independent Casino Commission (NICC) extended the licence suspension of The Star Sydney casino once again, with Nicolas Weeks remaining as manager of the establishment until 30 September 2026 unless terminated at an earlier date.

NICC Chief Commissioner Philip Crawford said at the time: “The new owners are making significant changes to the operation of the business, which are being monitored closely by the NICC.

“This includes work to make the business more financially sustainable in the long term, which will assist them in demonstrating suitability. We will continue to work with The Star on their remediation priorities so that the casino can remedy the serious concerns raised in the two Bell inquiries.”

 

 

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