• Q4 FY25 revenue of $270 million and EBITDA loss of $27 million
• Continued softness in operating performance due to challenging operating environment
• Bally's and Investment Holdings invest $300 million in strategic investments

The Star Entertainment Group Limited (ASX: SGR) released its unaudited quarterly activities report for the fourth quarter ended 30 June 2025. The company reported Q4 FY25 revenue of $270 million, in line with Q3, and an EBITDA loss of $27 million before significant items, compared to an EBITDA loss of $24 million for Q3 FY25. The result reflects continued softness in operating performance due to the ongoing challenging operating environment, including the impact of mandatory carded play and cash limits in NSW and stricter regulatory requirements across all properties. On 7 April 2025, The Star announced it entered into a binding term sheet with Bally's Corporation for a strategic investment of $300 million in the form of a multi-tranche convertible note and subordinated debt instrument. On 8 April 2025, The Star's largest shareholder, Investment Holdings Pty Ltd, committed to subscribe for $100 million of the strategic investments under substantially the same terms, reducing Bally's investment to $200 million. The initial Tranche 1 funding of $100 million was received on 9 April 2025, with a further $133 million received on 27 June 2025 following shareholder approval.The company also provided updates on the status of transaction negotiations with its joint venture partners, including the proposed exit by The Star of its interest in the Destination Brisbane Consortium (DBC). The Star announced it had received a notice to terminate the binding heads of agreement, but the parties have since agreed to extend the termination date to 31 July 2025 to progress negotiations on long-form documents.