• Q2 FY25 revenue of $299 million, down 15% vs Q1
• Q2 FY25 EBITDA loss of $8 million, an improvement on Q1 FY25 loss of $18 million
• Group continues to explore liquidity solutions amid ongoing financial challenges

The Star Entertainment Group Limited (ASX: SGR) released its unaudited quarterly activities report for the second quarter ended 31 December 2024. Q2 FY25 revenue was $299 million, down 15% compared to Q1, and the company reported an EBITDA loss of $8 million (excluding significant items), an improvement on the Q1 FY25 EBITDA loss of $18 million. The results reflect continued weakness in the Group's operating performance due to the challenging consumer environment, the impact of mandatory carded play and cash limits in NSW, and costs associated with ongoing remediation activities. However, the Group achieved breakeven EBITDA over the last two months of the quarter, driven by seasonally stronger revenue in December 2024 and the benefit of the Group's cost out program. The Star Sydney's revenue declined by 6% compared to the previous quarter, impacted by the implementation of mandatory carded play and cash limits, while The Star Gold Coast reported revenue growth of 3%. Operating expenses were down 18% on the prior quarter due to lower corporate costs, reduced activity, and the closure of the Treasury Brisbane casino. The Group continues to work towards fulfilling the conditions precedent to draw down the additional $100 million under Tranche 2 of the New Facility, but a number of these conditions remain challenging given the Group's current circumstances. The Group is also exploring other possible liquidity solutions, but there is no certainty that any of these negotiations will result in definitive arrangements that might materially increase the Group's liquidity position. In the absence of such arrangements, there remains material uncertainty as to the Group's ability to continue as a going concern.