• FY25 net revenue of $1,187.5 million and EBITDA loss (before significant items) of $77.1 million
• Statutory net loss of $471.5 million after significant items (post-tax) of $212.4 million
• Achieved $100 million reduction in annualised cost savings

The Star Entertainment Group Limited (ASX: SGR) announced its unaudited results for the full year ended 30 June 2025 (FY25). The company reported FY25 net revenue of $1,187.5 million and EBITDA loss (before significant items) of $77.1 million, in line with its quarterly reporting. The statutory net loss was $471.5 million after significant items (post-tax) of $212.4 million. The trading performance materially deteriorated during FY25, reflecting the impact of regulatory reforms (including mandatory carded play and cash limits at The Star Sydney), implementation of The Star's remediation program, and loss of market share. However, activity in the second half of FY25 stabilised, with revenue broadly consistent in Q3 and Q4, although at depressed levels. The company achieved a previously announced $100 million reduction in annualised cost savings and will be seeking further cost-out opportunities in FY26. The FY25 result reflects a partial contribution from Treasury Brisbane Casino, which closed on 25 August 2024, and a partial contribution from The Star Brisbane, which commenced its phased opening from 29 August 2024. The company has taken several steps to access additional liquidity and address specific uncertainties, including amending its senior debt facility, signing long-form documentation with its joint venture partners to exit the DBC joint venture, securing a $300 million strategic investment from Bally's Corporation and Investment Holdings Pty Ltd, and selling non-core assets. However, there remains material uncertainty regarding the group's ability to continue as a going concern, with key interdependent events and initiatives in the near term being critical to the group's liquidity and financial outlook.