Australia’s Star Entertainment Group said on Monday it expected the group’s normalized EBITDA for the 2024 financial year to be between A$165 million and A$180 million ($110 million and $120 million), compared with of the group of A$317.4 million for the 2023 financial year.
The troubled casino operator said it also expected group revenue to be between A$1.68 billion and A$1.69 billion, down from business of A$1.87 billion in the 2023 financial year, driven by a challenging economic environment and cost of living pressures.
The casino operator has come under pressure recently due to regulatory investigations into retaining its gaming license at its Sydney casino, as well as an ongoing remediation program.
In a separate announcement, the company said it had appointed Neale O’Connell, current interim group finance director, as interim chief executive, and continued its recruitment process for a new chief executive. permanent member of the group and a new general manager.
The cash-strapped casino operator also said it was continuing negotiations for the sale of assets including the Treasury casino, hotel and car park in Brisbane, while reviewing the potential sale of others non-essential assets. ($1 = 1.5060 Australian dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Jacqueline Wong and Lincoln Feast).
