Star Entertainment Announce $1.57 Billion Annual Loss

Australian casino operator Star Entertainment has announced full year losses of AU$2.44 Billion ($1.57 billion), the year previously the company recorded a loss of AU$203 million ($130.6 million).

The company said much of this was of its write-down of the value of its casinos in Sydney and Brisbane, however chief executive Robbie Cooke said the worst of it should be over for the company following a horror year.

The boss of Star said in announcing the results, “To say it has been a challenging year completely understates the lived experience at The Star over the last 12 months.”

“The consequences flowing from the damage to our social licence are felt daily by team members on multiple levels, reinforcing the critical need to understand the privilege and responsibility that comes with holding a casino licence.

“The ancillary challenges that have arisen in the year, and there are many, all follow from the breaches of trust identified in the Bell and Gotterson reports.

But Mr Cooke said that the company was now fully focused on turning things around, by saying, “As a team we are determined to earn back the trust and confidence of our community including our regulators, governments, shareholders, employees and guests. We fully understand the responsibility involved in holding our licences and are committed to transforming our leadership and culture.”