Star Entertainment Narrows Losses as Revenue Stabilizes, But Recovery Still Fragile

Australia’s Star Entertainment Group has reported signs of stabilisation in its September-quarter performance, though it remains loss-making. The group posted revenue of around A$284 million (US$186 million) for the three months to 30 September 2025 — up roughly 5 percent from the prior quarter but still 19 percent below the same period last year.

At its flagship Star Sydney property, quarterly revenue held steady at A$161 million, though year-on-year performance fell 14 percent. The operator’s adjusted EBITDA loss narrowed to A$13 million, an improvement from the A$27 million deficit reported in the June quarter, reflecting tighter cost controls and early signs of recovery in domestic play.

However, liquidity remains a concern, with available cash declining to A$168 million as of 30 September from A$234 million three months earlier. The company continues to face multiple challenges — including regulatory remediation programmes, AUSTRAC’s ongoing investigation into anti-money-laundering breaches, and rising operating expenses amid compliance reforms. 

Despite these headwinds, analysts view the results as a modest step toward stabilisation. Continued cost discipline and potential easing of regulatory restrictions could aid recovery, though the outlook remains uncertain. As rival operators like Crown Resorts and SkyCity also navigate post-review overhauls, Star’s turnaround depends largely on restoring regulatory confidence and rebuilding investor trust in Australia’s embattled casino sector.