• Normalised revenue of $650 million and normalised EBITDA loss of $26 million
• Statutory net loss of $302 million after significant items of $166 million
• Trading performance deteriorated due to casino operating reforms and market share loss

The Star Entertainment Group Limited (ASX: SGR) announced its results for the half year ended 31 December 2024 (H1 FY25). The Group reported normalised revenue of $650 million and a normalised EBITDA loss of $26 million. The statutory net loss was $302 million after significant items of $166 million. The trading performance further deteriorated over H1 FY25, particularly from the introduction of mandatory carded play and cash limits at The Star Sydney and challenging trading conditions caused by casino operating reforms and market share loss at The Star Gold Coast. The Group has achieved the previously announced $100 million reduction in annualised cost savings. For FY25YTD, monthly trading in Q2 had stabilised compared to Q1, however there has been a softening in trading during Q3, with revenue declining by 9% across the Group compared to Q2. The Group continues to be impacted by an uneven competitive environment with pubs and clubs, which continues to negatively impact on operating performance. The Group has secured covenant waivers with its existing lenders through to and including 30 June 2025 and is focused on implementing the strategic investment by Bally's and Investment Holdings, as well as pursuing a range of initiatives to improve performance and enhance the Group's liquidity position.