• Normalised revenue down 25% in 1HFY25 due to challenging trading conditions and impact of casino reforms
• EBITDA loss of $26 million as operating expenses remained elevated
• 3Q FY25 revenue and EBITDA also declined due to seasonality, reduced visitation, and weather events

The Star Entertainment Group Ltd (ASX:SGR) reported its financial results for the half-year ended 31 December 2024 (1HFY25). Normalised revenue was $650 million, down 25% from the prior corresponding period, due to continued challenging trading conditions and the impact of casino operating reforms, which have weighed heavily on the group's gaming segment, particularly the premium player segment. Non-gaming performance remained relatively stable. EBITDA was a loss of $26 million, down 123% from 1HFY24, as the business experienced negative operating leverage from declining revenue, while operating expenses remained elevated, albeit partially offset by the group's $100 million cost-out program. Remediation costs for 1HFY25 were $33 million. The group's results were also impacted by the closure of the Treasury Brisbane Casino and the opening of The Star Brisbane, which is equity accounted. In the third quarter of FY25, revenue was $271 million and EBITDA was a loss of $21 million, with trading continuing to deteriorate due to seasonality, reduced visitation, and the impact of adverse weather events in Queensland.