Quarterly Activities/Appendix 4C Cash Flow Report

Key points

• Q3 FY25 revenue of $271 million and EBITDA loss of $21 million
• Operating expenses down 3% on prior quarter
• Completed $60 million sale of Sydney Event Centre
• Entered into $300 million strategic investment with Bally's Corporation and largest shareholder

Full summary

The Star Entertainment Group Limited (ASX: SGR) released its unaudited quarterly activities report for the third quarter ended 31 March 2025. Q3 FY25 revenue was $271 million, down 9% compared to Q2, and EBITDA loss was $21 million, compared to an EBITDA loss of $8 million for Q2 FY25. The results reflect a seasonal softening in revenues, reduced levels of gaming visitation, and the one-off impact of adverse weather events driving property closures in Queensland in March 2025. Operating expenses were down 3% on the prior quarter due to lower corporate costs and volume-related reductions. During the quarter, The Star made equity contributions of $26 million to the Destination Brisbane Consortium Integrated Resort joint venture (DBC). On 7 March 2025, The Star announced an agreement to exit its equity interest in DBC and consolidate its position on the Gold Coast. On 7 April 2025, The Star announced a $300 million strategic investment from Bally's Corporation, with its largest shareholder also subscribing for $100 million. On 8 April 2025, The Star completed the $60 million sale of the Sydney Event Centre. The company remains focused on implementing the strategic investment and exiting its DBC equity interest.