Star Casino Announces $95 Million Loss
The Gold Cost casino resort
Australian casino operator, Star Entertainment announced its yearly results showing a loss of $94.6 million loss compared to previous year that represents a 148% drop in profits.
The company said that the COVID-19 pandemic which forced it to close its businesses in Brisbane, Gold Coast and Sydney in April and since reopening had seen a major decline on customer visits.
However the company did say that even if the pandemic had not hit their results would not have sat in positive territory compared to 2019.
Star chairman John O’Neill said that both the new development in Brisbane and the renovation work at is Gold Cost resort was still on track despite the disruption from the pandemic. He said, “Major projects at Queen’s Wharf Brisbane and The Star Gold Coast are proceeding to plan, with the upgraded and expanded Sovereign at The Star Sydney delivered on time and budget.”
Total earnings (EBITDA) dropped 22.8% to $429.6 million compared to 2019 and revenues dropped 23.3% to $1.66 billion.
